Quick Recap of Monday’s Session:
Stocks finished mixed on Monday following a relatively uneventful session. Major indices started the day mostly lower in choppy trading early on. While markets could take a deep breath following a New Democracy victory in the Greek elections (no imminent Greek euro exit), spiking yields in Spain (also at record highs) and concerns surrounding Spanish bank runs were a big are of concern. Among other talking points throughout the session, and likely lending the bulls some support throughout the afternoon, was speculation regarding the Fed’s mid-week announcement, more specifically speculation over QE3. The Nasdaq and the Midcaps finished strong, up +0.78% and +0.84%, respectively, while the Dow Jones Industrial Average had a poor showing, finishing -0.20%.
S&P 500 +0.14%, NASDAQ +0.78%, DJIA -0.20%, Midcaps +0.84%.
Looking Ahead to Tuesday:
- Overnight we get Business Confidence and Production Outlook from France, CPI and Retail Price Index from the U.K., and ZEW Economic Sentiment from Germany.
- Here in the US, before the bell we get some weekly economic data including ICSC-Goldman Chain Store Sales, Housing Starts, Building Permits, and Redbook Chain Store Sales.
- Monday’s session wasn’t quite the follow through you’d expect after the outcome of the Greek elections was favorable to markets. Then again, Monday also wasn’t the disaster you’d expect from the yield/CDS/bank problem in Spain. So it appears that we will have to wait and see a) What happens with the formation of a new government in Greece, and b) what the Fed announces this week. Once we have those answers we should see some stronger movement in stocks.
Have a pleasant evening.
S&P 500 - Intraday
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