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Dip Buyers Emerge on Time: Dave's Daily

European stocks were lower on the day on more worries about...wait for it...Greece. Seems S&P thinks they need another debt restructuring. Shocked?! I thought not. This action spilled over to U.S. stocks, which started the day down despite fairly benign economic data.

Jobless Claims were heralded as beating the previous week's report. But, naturally a close look revealed revisions to the previous report increased claims by 5% or 17K claims. Even though the current data (359K) missed estimates (350K) the prior report was revised from 348K claims to 365K. Headline writers could then state claims improved. Got that? These revisions to prior claims have been consistently higher over the past 20 weeks. Elsewhere GDP data came in at 3% which matched previous data and estimates so no big deal there. Most forecasters believe economic growth will decline in the next quarter.

As stated, U.S. stocks began the day in a funk but then the 2:15 PM Buy Program Express left the station on time and a reversal was at hand. Why did this happen? Window dressing as we end the quarter perhaps. (One of the more amusing headlines stated: "Trading tends to be volatile at the end of the quarter as fund managers adjust their books." Sure, nice try!

Weakening sectors were widespread featuring mostly overseas sectors like European (EFA & IEV), emerging markets (EEM & EEB), and commodities (DBC, JJC, GLD & USO). Gaining stocks were Red Hat (RHT) linked with (IGV) while profit-taking occurred with homebuilders like Hovnanian (HOV) linked with (ITB) and retailer Best Buy (BBY) linked with (XRT).

Volume increased given early selling and late buy program activity. Breadth per the WSJ was negative once again.

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