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Stocks gapped up on Friday's open after an agreement with Greece was being portrayed as nearly a done deal. The Dow gained 212-points and most indies posted solid gains of over 1%.
The bad news? That optimism over a possible deal has waned over the weekend and the concerns have turned to the euro, so here we go again. Stocks could be under some pressure in Europe to start the week, and the S&P 500 futures opened with a loss of about 14-points (-0.70%)
It was a wild ride for stocks this week which was linked to the instability of the Greece bailout situation and reactions to movement in the recently fallen Chinese market. Despite the peaks and valleys you can see on the 5-day chart below, the S&P 500 ended about even with last week's close, so stocks came out virtually flat for the week.
The Greece situation is especially affecting the I-fund but the oversold EFA posted a couple of positive days to reduce the damage. Bonds were down
China bounced back on Thursday and that helped the U.S markets to open sharply higher on Thursday morning, but the Dow's gains of 250-points faded into the close and ended the day up just 33-points. We're seeing some bearish action in the markets but it is still up in the air if this is leading to something more serious, or if this is just another pullback that needs to be bought.
Optimism of a deal for Greece has the futures up sharply again on Thursday
China tanked, the Greece situation is still up in the air, and technical glitches on the NYSE all helped the Dow to 261-point loss on Wednesday. The charts are broken but oversold so the question is, is this a buying opportunity, or will the relief rallies be sold off?
I am on the road this week and as I have whined about before, I have a difficult time adjusting from my 4 large monitor setup in my office to a 15" laptop with a mini-mouse. Plus my internet
We had another turnaround Tuesday yesterday as stocks opened lower but bottomed just before noon ET, and rallied up to close at the highs of the day. The Dow gained 93-points. The big positive outside reversal day should lead to at least short-term follow-through gains, but it doesn't necessarily mean the downside is done.
I am on the road this week and as I have whined about before, I have a difficult time adjusting from my 4 large monitor setup in my office