Off the Charts
The Greek elections this weekend turned out to be a non-event for the market as we opened slightly lower this morning. Spanish bond yields rising above 7% negated any enthusiasm from the election, as most people were expecting a big gap-up based on the victory for the pro-bailout New Democracy party. It was a mixed day in the markets as the S&P 500 and Nasdaq closed positive while the Dow finished the day negative.
Technically speaking, the S&P "played by the rules" today. There was a strong rally on Thursday and Friday as the S&P broke above the lower trendline that was in place around 1330-1335, and this morning's gap down was buyable as it held a higher level of support. The volume was very light today and there could be some more back-and-forth trading as the summer action continues and the market is reaching overbought levels. For now, look for strong stocks that held higher and use a hedge, as the S&P could see some short-term resistance at the 50-day moving average....712 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
There’s no substitute for a trading floor to get great ideas, so Jim Cramer created a better one at Real Money and blogs there exclusively. We then added legendary hedge fund manager, Doug Kass, with his exclusive Daily Diary and best investing ideas. Staffed with more than 4 dozen investing pros, money managers, journalists and analysts, Real Money Pro gives you a flood of opinions, analysis and actionable trading advice found nowhere else, and allows you to interact directly with each expert.
Already a Subscriber? Please login.