Markets Advance Cautiously
The markets opened lower today on continued fears out of Greece. While an aid package is already inked and ready to go, it looks like officials are unwilling to give Greece the money until they see what happens in the coming days with the Greek government and more austerity cuts. This stall had the futures on edge early in the morning. As the markets opened lower, a bid came in, lifting them nicely to the positive side. While the gains are minor at this point, it is a positive move for a market that has seen week after week of losses.
As the lunch hour arrives, the SPDR S&P 500 ETF (NYSE:SPY) is trading at $127.49, +0.44 (+0.35%). There is definitely a slow volume effect on the markets today. As the markets have drifted higher, very little volume is being seen. After a wild options expiration last week, it appears some traders are taking it lighter today. This generally has a beneficial effect on the markets.
There are two standout stocks not participating in the overall up move in the markets. Their names are Google Inc. (NASDAQ:GOOG) and Apple Inc. (NASDAQ:AAPL). This is keeping the Nasdaq just barely positive today. In addition, the financial stocks are under pressure after a couple institutions cut price targets for the group. While this cut was made this morning, the stocks have recovered a majority of their losses and are just trading slightly lower. The low pivot from two weeks ago seems to be in and holding. Upside is likely.