Alert: Stock Market May Fade Ahead Of Greek Vote
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).