Stocks tread Water in Limited Reaction to Greek Fiscal Woes
U.S. stock indices traded in a tight, inside range despite potentially bearish pressure from plunging higher yielding currencies and commodities. Either stock traders clearly believe that the economy will benefit from the European financial woes or bullish traders are being set up for a possible 8 to 10% correction.
U.S. Equity markets treaded water most of the session after a firm opening. Once again a gap-higher opening during the day session in the stock indices failed to attract strong buying interest. This was no surprise, however, as traders have backed away many times from chasing this market during its nine-month rally.