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STTG Market Recap June 23, 2015

Courtesy of Blain.

Tonight’s Market Recap is sponsored by SimplerStocks – Simpler Stocks’ new report gives you instant access to the complete truth about the state of our economy.

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Indexes gyrated around unchanged all session as traders awaited more clarity on the Greece situation.   The S&P 500 gained 0.06% and the NASDAQ 0.12%.  Data showed existing home sales jumped 5.1 percent in May to a 5-1/2 year high.   U.S. durable goods data for May showed a decline of 1.8 percent, a greater decline than expected. The core figure of non-defense capital goods orders excluding aircraft rose 0.4 percent, reversing a 0.3 percent decline in April.

Greece’s State Minister Nikos Pappas said on Tuesday in a Reuters report he was confident parliament would back a deal the crisis-hit country hopes to strike with its lenders even though dissenters have criticized concessions offered by Greece.  Separately, Reuters reported that Athens negotiator Euclid Tsakalotos said he believes they are closer to a deal than ever. When asked about the June 30 payment deadline to the International Monetary Fund, he said the deal will enable them to fulfill obligations.  The anti-austerity Greek government presented new budget proposals on Monday, raising hopes that Athens will be able to secure a cash-for-reforms deal with its international creditors.

Not much change from comments yesterday of course – remains difficult to be short as whatever day Greece is “solved” you can get a reaction like you saw in Germany yesterday.

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nasdaq

The NYSE McClellan Oscillator has remained positive the past few session – a feather in the cap for bulls.

NYMO

Tesla Motors (TSLA) had a nice bounce off its 10 day moving average.    The high-end electric car maker jumped after it re-assured Wall Street it remains on track to demo its more affordable Model 3 next year and begin production in 2017, according to a report in Investor’s Business Daily.

tsla

Here are some individual charts courtesy of MarketSmith:

Netflix (NFLX) announced a 7:1 split.  It is payable on July 14 to stock owners of record at the July 2 close. Trading at the post-split price will start July 15.  We mentioned the share increase authorization a few weeks back which is generally a precursor to a split.  The shares are up 3% in after hours.

nflx

Facebook (FB) had its second strong day in a row.  Nice volume spike today to boot.

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Amazon (AMZN) is trying to reach old highs.

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