We opened positive on generally good corporate earnings, positive economic data in Europe (German sentiment numbers better than expected), and opening above the psychologically important 1200 level for the S&P 500.
Even thought the Dow is relatively flat, there are THREE stocks advancing for every ONE declining — this is why the Dow is not a good indicator for the overall market.
Volume is again trending toward the HEAVY side; we will likely again do over 6 billion shares on the consolidated NYSE tape. Prior to the middle of last week we were routinely doing 4 to 5 billion shares.
In Europe, the euro is weak AGAIN today and has gotten no traction, despite a supposed deal for Greece. Greek bonds continue to widen: 7.86 percent on the 10 year now. No one wants Greek bonds.
Positive earnings news from:
- retailers ,
- industrials (Eaton , Illinois Tool Works ),
- airlines (Delta )
- and HMOs (United Health ).
Mixed report from IBM .
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