Wednesday Market Wrap-Greece Attacks Again


Biotech was  hit today from the weakness in GILD . I mentioned last night that a big drop in GILD would effect IBB.  So far that’s the case.  IBB will need a little more time to find its footing because of this.  Seems like about 70% of bio stocks that I watch were red today.

Indexes were pretty much flat give or take, and the Dow led by about +.03%

The market cracked lower today just after 3:40 pm as the ECB reported that they would not take any more Greek paper as collateral.

As you can see in the SPX chart below, the index failed at the blue downtrend line that I mentioned last night.   The market was in rally mode until the Greece news, so perhaps it would have taken it out.


Here is a 10 minute view of the SPX. See what the market did when the Greece news hit.

spx ten

GILD was the big culprit today. Notice though how it held the 200 day moving average.  I still think you have to watch this one for a couple of days.


CMG got hot hard today, but held the 100 day moving average and bounced.  Its a tough earnings season and you have to be perfect.


Tomorrow is another day.

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