Courtesy of Blain.
Friday was a negative day in “As the Greeks Turn” soap opera and the market followed along with it. Indexes gapped down at the open and stayed down all day as the S&P 500 fell 0.705 and the NASDAQ 0.62%. While the news sounded bad it seems more like posturing and negotiation tactics from this seat.
A day after the International Monetary Fund quit bailout talks with Greece, EU officials said they had held their first formal discussions on the worst-case scenario for the country.
The preliminary Michigan consumer sentiment posted 94.6 for June, an increase from May’s final read of 90.7.
We mentioned not to get sucked in by the rally Wednesday as it had to be monitored to see if it was nothing more than an oversold bounce. For now that is what it looks like BUT whatever day the can is kicked on Greece down the road expect markets to celebrate so there will be a risk of being short go forward.
The NYSE McClellan Oscillator never turned green during the 2 day bounce, which is something bulls want to see.
Here are some charts courtesy of Marketsmith:
Yesterday Twitter (TWTR) spiked on news of the CEO being replaced in after hours – but today all those gains in the after hours evaporated.
We mentioned Shopify (SHOP) yesterday; Friday it continued that breakout.
Wingstop (WING) shares soared as much as 68% to $31.99 in its IPO debut valuing the chicken wing restaurant chain at $914 million.
Heck of a bear market happening in coal miners; Peabody Energy (BTU) fell another 9 percent to an all-time low, after losing 13 percent Thursday. Marketsmith shows a relative strength of… 1!
Have a good weekend and prepare for lots of Federal Reserve (and Greece) talk next week as those will be the 2 big events.
