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Alert: Stock Market May Fade Ahead Of Greek Vote

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June 28, 2011 – Comments (1)

The markets have floated higher today on the back of a slowly weakening U.S. Dollar. The SPDR S&P 500 ETF (NYSE:SPY) is trading at $129.06, +1.12 (+0.88%). The markets have just put in an intra day topping tail. A topping tail is a bearish signal as it usually signals a reversal. In addition tomorrow at 5am ET, Greece will be voting on the austerity package. As of now, it is said that they have 151 votes for the motion. They need 150 to pass it. The markets may get a little nervous later today into the close and profits may be taken off this two day rally. 

Stocks are mostly higher today with the exception of the banks. JPMorgan Chase & Co. (NYSE:JPM) is leading the downside, trading at $39.38, -0.50 (-1.25%). Other banks are also weaker. The markets are gaining momentum from the likes of International Business Machines Corp. (NYSE:IBM) and commodities stocks like Exxon Mobil Corporation (NYSE:XOM).

Gareth Soloway
InTheMoneyStocks.com

1 Comments – Post Your Own

#1) On June 28, 2011 at 1:13 PM, davejh23 (< 20) wrote:

Stocks may fade after the greek vote.  Either way, stocks (at least small caps) are already in overbought territory and are close to the upper bollinger band and their upper downward trendline.  I'm waiting for a definitive turning point, but a 5%+ leg down could be close. 

Looking at my watchlist of large-cap dividend stocks, about half of them are red...not a sign of a definitive, broad based move up...

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