Jerry Samet
07-01-2015, 10:11 PM
The market showed early strength today on word that Greece might accept current bailout terms. The major averages topped out in the first half hour and then started selling off before a statement from the Greek Prime Minister saying there would be a deal by Monday(I don’t understand why anyone would listen to him at this point). The COMPQ finished the session higher by .53% while the SPX gained .69%. The SPX closed in the upper half of it’s intraday trading range while the COMPQ finished in the lower half of it’s range. Volume was lower across the board, showing that large institutional players were not heavy buyers of stocks. Leading stocks had a mixed session. The index closed near the bottom of it’s intraday range and slightly lower on the day. It tagged it’s 9dma early on but couldn’t hold the gains. The relative strength line of the index resumed it’s decline. The index is still trading between the 9dma and the 50dma. It needs to get back above the 9dma and the 17dma before the picture improves. Jerry