Bogus Greek News Rallies Stocks
0
May 27, 2015

5-27-2015 6-24-21 PM ABSOLUT

Greek officials are playing a game of their own making. Wednesday they leaked information “a deal was in the works”. This allowed stocks to rally in the U.S. even as EU officials denied such a deal existed.

The current Greek situation may be akin to other dragged-out problems that, once they occur, allows for markets to rally anyway as investors have prepared themselves for it.

As the day wore on a short-squeeze was in play as bulls would have none of Tuesday’s selling. Leading the charge higher were tech (MSFT & AAPL) and healthcare sectors. One percent down then the equal level up means still a loss overall for the shortened week.

Bottom line the lack of bullish or bearish clarity is frustrating for the current trading range behavior as low volume remains. And viewed from the beach at Hanalei, Kauai, all this seems like so much BS doesn’t it or wouldn’t it? That’s where we still are and will be for another week. This hard duty will continue to provide fewer, and no doubt shorter, commentaries. That said, “Play nice”!

Leading market sectors higher included: Tech (QQQ), Healthcare (XLV), Financials (XLF), Banks (KBE), Regional Banks (KRE) and frankly, everything down Tuesday now higher.

Leading market sectors lower included: South Korea (EWY), Russia (RSX), Volatility (VIX), Crude Oil (USO), Commodity Tracking ETF (DBC), Silver (SLV) and others.                                                                           

The top 20 market movers by percentage change in volume whether rising or falling is available daily.

Volume was lighter on buying Wednesday while breadth per the WSJ was positive but money flow was mixed.

Sign up to become a premium member of the ETF Digest and receive more of our detailed charts with actionable alerts.

You can follow our pithy comments on twitter and like us on facebook.

5-27-2015 6-25-28 PM dIARY

Charts of the Day
  • SPY 5 MINUTE

    SPY  5  MINUTE

  • SPY DAILY

    SPY DAILY

  • SPX WEEKLY

    SPX WEEKLY

  • RUT WEEKLY

    RUT WEEKLY

  • INDU WEEKLY

    INDU WEEKLY

  • NDX WEEKLY

    NDX WEEKLY

  • NYMO DAILY

    NYMO  DAILY

    The NYMO is a market breadth indicator that is based on the difference between the number of advancing and declining issues on the NYSE. When readings are +60/-60 markets are extended short-term.


     

  • NYSI DAILY

    NYSI DAILY

    The McClellan Summation Index is a long-term version of the McClellan Oscillator. It is a market breadth indicator, and interpretation is similar to that of the McClellan Oscillator, except that it is more suited to major trends. I believe readings of +1000/-1000 reveal markets as much extended.

  • VIX WEEKLY

    VIX WEEKLY

    The VIX is a widely used measure of market risk and is often referred to as the "investor fear gauge". Our own interpretation is highlighted in the chart above. The VIX measures the level of put option activity over a 30-day period. Greater buying of put options (protection) causes the index to rise.


Markets rallied on specious Greek news early but the rally continued as the short squeeze continued on its own momentum.

Two large price moves have me at work hopefully only briefly. Vacation is sometimes difficult when it conflicts with realties of market conditions.

Let’s see what happens.

Sign up to become a premium member of the ETF Digest and receive more of our detailed charts with actionable alerts.

You can follow our pithy comments on twitter and like us on facebook.

...

Headshot David Fry xsmall

Dave Fry is founder and publisher of ETF Digest and has been covering U.S. and global ETFs since 2001.  ETF Digest was named one of the most informative ETF websites in the 10th Annual Global ETF Awards.

He is the author of "Create Your own ETF Hedge Fund: A Do-It-Yourself Strategy for Private Wealth Management" published by Wiley Finance and "The Best ETFs: U.S. Equities, A Companion Guide to Building Your ETF Portfolio".



Archives
Disclaimer

ETF Digest™
 

Disclaimer: The charts and comments are only the author's view of market activity and aren't recommendations to buy or sell only any security. Market sectors and related ETF's are selected based on his opinion as to their importance in providing the viewer a comprehensive summary of market conditions for the featured period. Chart annotation's aren't predictive of any future market action rather they only demonstrate the author's opinion as to a range of possibilities going forward. More detailed information, including actionable alerts, are available to subscribers at www.etfdigest.com

 

ETF Digest

Market Summary
NYSE Composite Index S&P 500 Index Nasdaq Composite Index Russell 2000 Small Cap Index NYSE Composite Index S&P 500 Index Nasdaq Composite Index Russell 2000 Small Cap Index 10 Year Treasury Note Yield Gold Bugs Index Morgan Stanley High Tech 35 Index Market Chart
Commodity Quote Change Change % NY
Gold1,189.200.200.02 % 16:05
WTI Crude Futr57.800.290.50 % 15:34
Index Quotes Change Change % Local
CRB220.910.730.33 % 15:48
US Dollar97.14-0.20-0.20 %16:03
Index Quotes Change Change % Local
VIX13.590.322.41 % 15:48
MSCI Value Daily MTD YTD
Brazil1634.469-0.13 %-9.22 %-10.80 %
Russia548.589-1.78 %-2.65 %35.48 %
India496.480-0.43 %1.77 % 0.02 %
China82.786-0.56 %-0.62 %25.36 %