The market is higher again this morning after Greece reportedly agreed to terms to receive its latest round of bailout funds to prevent it from defaulting on its debt. European markets are mostly lower this morning seeing a sell-the-news type of reaction to Greece.
Asian markets were mixed overnight, despite Chinese officials decision to trim the reserve requirement for banks.
More companies are reporting earnings this morning. Stocks rallying on their earnings reports include HD, M, and SKS to name a few. Stocks seeing disappointing reactions to earnings are WMT, CIEN, EXPD, and GPC.
The bounce in the euro is weighing on the dollar but helping commodities. Oil prices reached $105 this morning; gold prices have rallied back above $1755, and silver and copper prices are higher as well.
Energy and materials stocks are leading the early action, while defensive consumer staples and healthcare stocks are lagging.
The 10-year yield is higher to 2.05% near the top of its recent trading range. The VIX is also higher by 1.75% to 18.10 which is a little odd given the early gains in the market.
Trading comment: The Nasdaq finished last week higher marking the 7th consecutive week of gains. I went back to look for the last such streak and had to go back to the spring of 2010 to find one. Back then, the Nazz actually posted 8 straight weeks of gains but then the markets endured a sharp 10% correction over the next 2 weeks. I'm not saying the same thing will happen this time around, but the market remains overdue for more than just a one-day pullback like we've seen. That said, it has paid this year to focus more on individual stock than the overall market. The action in leading stocks continues to be strong.
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