Think she spray tans?
The market pulled back today, probably on Greece worries and the fact that it has been just rudderless for a while now anyway. No catalysts and no volume, so we are drifting lower. There was no change between Greece and creditors with Friday’s payment to the IMF looming: The Greek PM expected to address Greek parliament Friday evening. I’d like to sit back with an Ouzo and watch that one.
The IMF cut 2015 GDP growth forecast for U.S. to 2.5% from 3.1% and are begging Yellen and the Fed to delay the first rate hike until the first half of 2016. Its all quite pathetic really. Looks like Lagarde and Yellen will become fast friends.
All ten sectors ended in the red today with most growth groups showing relative weakness. Crude dropped almost 3% today.
The SPX broke its 50 day moving average today. The 100 day moving average support comes in around 2083.
Right now the market is just working things out, no real reason to panic, but some of the “risk on” sectors are suspect. Solar stocks (TAN) have been hit hard, semiconductors (SMH) are pulling back and biotech (IBB) looks a bit tired. So watch those three groups for direction.
Please check the P&L for any adjustments. Tomorrow is Friday!! See you then.