Markets A Mess, Await Bernanke
The markets continue to see uncertainty and it is getting worse. The Federal Reserve just released their FOMC Policy Statement and there was no direct mention of QE3. In addition, there is now talk Greece will not get their next bailout payment until after the referendum vote. If they do not get the next payment shortly, a hard default is likely. The referendum vote is likely to derail the Greek bailout that gave the markets a 20% run in the last month. This has caused a major uptick in volatility and fear.
The markets are well off their highs of the day, yet still positive. The SPDR S&P 500 ETF (NYSEARCA:SPY) is trading at $123.11, +1.03 (+0.84%). The sell off from the highs accelerated after the Federal Reserve Policy Statement at 12:30pm ET. All eyes are now watching Ben Bernanke's press conference at 2:30pm ET. In addition, at 3:30pm ET, there is a major European meeting. The uncertainty remains as Wall Street holds its breath.
Technology is the weakest sector today. Key leading stocks like Apple Inc. (NASDAQ:AAPL), Intel Corporation (NASDAQ:INTC) and Microsoft Corporation (NASDAQ:MSFT) are negative. Commodity and bank stocks are higher, keeping the S&P 500 up. Stocks like Chevron Corporation (NYSE:CVX) and JPMorgan Chase & Co. (NYSE:JPM) are doing well.