Stocks Getting a Boost as Speculators Await Greek Resolution
Global equity markets are up sharply after reports that the Greek sovereign debt problems will be resolved shortly. Stock investors are driving up indices as confidence is being restored to the markets. Bargain hunters are also stepping in to take advantage of lower priced equities.
Last night, the Dow closed under 10,000 for the first time since November 2009. Some read this as a bearish sign while other saw this as a chance to gobble up cheap stock. For days, the major indices had been trading as if waiting for a catalyst. The developing story out of the Euro Region could be the catalyst which drives these indices sharply higher today.
Treasury futures could be under pressure today. Demand for higher risk assets could lead to liquidation of safety plays put on by nervous investors the past few days. Additional pressure could be coming from the increase in supply from the upcoming Treasury auction. One sign of impending weakness is the penetration of a support level at 118’24.
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