PLEASE NOTE: Tomorrow there will be an important post published regarding TraderMike market recaps which I strongly encourage all readers to read. This will be posted in place of tomorrow’s recap so please keep an eye out, thanks!
The market retraced some of its steps today as questions surrounding Europe’s plan began to unravel. The S&P 500 lead the declines with a -2.47% showing. Volume was lighter across the board.
Some post Europe agreement headlines from Zero Hedge worth a gander:
- EURUSD Retraces Entire ‘Bailout’ In 3 Days
- Spain Joins Ireland, Portugal With A Gun To Its Head, Demanding Concessions
- Greece leader throws in the towel
- Demand for EFSF Paper Collapses
However, Europe aside, the highlight story of the day comes from Bloomberg,
“The biggest bond gains in almost a decade have pushed returns on Treasuries above stocks over the past 30 years, the first time that’s happened since before the Civil War.”
Ouch.
It is very apparent that there is still a lot to sort through in Europe that will continue to effect the markets here in the US. Overall though the direction seems forward and we should expect any pull back to be just that, a pull back, until proven otherwise.
Great post… it is interesting to see how the volume reacted… low for now. The week will be interesting going into Friday’s employment number.
Ya it is very difficult to read volume now a days, there doesn’t seem to be those consistent, “volume is screaming xyz” days anymore. This is perhaps the new norm of the past few years. Hopefully it re-adjusts down the road!
All things being equal, charts are useful. But there’s more. Down we go again. Nice one Greece. Ask a lazy populous if they want their welfare reduced. Where will they expect the money to come from? If their government doesn’t appreciate everyone else bending over backwards to help them, time to let them fail. Yes, we will all suffer the fallout, but the sooner it happens, the sooner we can recover. There’s no easy pill here.
Amen Mike… I couldn’t agree more!