May 10

The Market Today


The market traded the complete opposite of the rest of the week. It started strong, and ended weaker. The market started on the news following the IMF authorizing the $6.7 billion Euro payment to Greece. Europe was strong all day, especially Greece. Why they authorized this payment, with the new government that will be established, I have no idea. This really has all the makings of a collapse of some kind. I think Greece will eventually default, and leave the Eurozone, causing chaos. Then, add Spain, Italy, and Portugal. The news here in our markets has not been so kind either. Cisco Systems and Priceline both disappointed the markets with their earnings releases. Both were hit hard. Priceline especially, they have been a market leader. The market leaders such as Priceline and Apple, have been weak. The market is in the process of putting in a top. We may see one more push above 1400 on the S&P, and that will be it. This is done due to the Stimulus, which will end next month! Due to the topping formation, I would take any strong days to take positions off the table. Let’s see how the week ends tomorrow, and see how things will shape up for next week. Stay tuned…

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