Uncertainty Escalates After Greek Referendum
0
July 06, 2015

7-6-2015 3-33-10 PM euro

At this point words fail me once again. What will happen to Greece and their EU partners, no one knows.

For now it’s a cancer growing on both Greece and many world stock indexes.

China is more alarming after the PBOC intervened in markets to no avail. This forced the government to restrict “any” selling. This seems an over the top reaction but dictators can do as they wish but it will cause more problems as overseas investors are turned-off.

Equity markets across the globe were hit hard in Europe and China spilling over to emerging markets generally. U.S. stocks gapped open sharply lower but were immediately jammed higher as the Directedge/BATS EDGX Exchange broke leaving markets open for bulls to squeeze shorts. But as the day wore on sellers re-emerged taking stocks lower.

The beneficiary were Treasury bonds as a safe-haven. One would have expected the euro to crater but it was only down slightly which seemed odd. Gold was only a modest beneficiary while crude oil plunged nearly 7%.

In other news, PMI Services Index fell sharply to 54.8 vs 55.1 expected & prior 56.8 while ISM Non-Mfg Index was nearly flat at 56 vs 56 expected & prior 55.7.

Leading market sectors higher included: Volatility (VIX), Treasury Bonds (TLT) and Gold Stocks (GDX).

Leading market sectors lower included: Everything else.

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

Volume was still elevated Monday and breadth per the WSJ was negative as was Money Flow particularly with financials.

7-6-2015 6-01-04 PM Diary

Charts of the Day
  • SPY 5 MINUTE

    SPY  5  MINUTE

  • SPY DAILY

    SPY DAILY

  • SPX WEEKLY

    SPX WEEKLY

  • INDU WEEKLY

    INDU WEEKLY

  • RUT WEEKLY

    RUT WEEKLY

  • NDX WEEKLY

    NDX WEEKLY

  • XLB WEEKLY

    XLB WEEKLY

  • XLE WEEKLY

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  • XRT WEEKLY

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  • XLV WEEKLY

    XLV WEEKLY

  • IBB WEEKLY

    IBB WEEKLY

  • ITB WEEKLY

    ITB WEEKLY

  • IYR WEEKLY

    IYR WEEKLY

  • ITB WEEKLY

    ITB WEEKLY

  • XLU WEEKLY

    XLU WEEKLY

  • TLT WEEKLY

    TLT WEEKLY

  • UUP WEEKLY

    UUP WEEKLY

  • FXE WEEKLY

    FXE WEEKLY

  • FXY WEEKLY

    FXY WEEKLY

  • GLD WEEKLY

    GLD WEEKLY

  • GDX WEEKLY

    GDX WEEKLY

  • SLV WEEKLY

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  • JJC WEEKLY

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  • DBA WEEKLY

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  • USO WEEKLY

    USO WEEKLY

  • DBC WEEKLY

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  • EFA WEEKLY

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  • EZU WEEKLY

    EZU WEEKLY

  • IEV WEEKLY

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  • EEM WEEKLY

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  • EWO WEEKLY

    EWO WEEKLY

  • GREK WEEKLY

    GREK WEEKLY

  • EWZ WEEKLY

    EWZ WEEKLY

  • RSX WEEKLY

    RSX WEEKLY

  • EPI WEEKLY

    EPI WEEKLY

  • HAO WEEKLY

    HAO WEEKLY

  • FXI WEEKLY

    FXI 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.

The markets are having serious problems and that should continue going forward especially if overseas markets don’t find a lift.

Only important data Tuesday is Consumer Credit at 3PM EDT.

Let’s see what happens.

 

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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.



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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
Gold1,170.804.100.35 % 17:15
WTI Crude Futr52.68-4.25-7.47 %17:14
Index Quotes Change Change % Local
CRB217.87-6.68-2.98 %17:28
US Dollar96.440.010.01 % 17:00
Index Quotes Change Change % Local
VIX17.010.221.31 % 16:14
MSCI Value Daily MTD YTD
Brazil1616.314-1.66 %-1.59 %-11.79 %
Russia505.539-1.17 %-1.42 %24.85 %
India509.1530.43 %1.67 % 2.57 %
China72.498-1.63 %-2.53 %9.78 %