Stocks closing near highs for the day; the big beta names are the movers. REITs, Transports, Home Builders, Retailers, Casinos all leading the charge. Dow Transports the first of the major indices to punch through to new closing high.
BUT also bear in mind that this is the first day of the month, when new trades are often put on.
Tired of hearing the phrase, decoupling? But that's what's happening with the U.S. and the rest of the world — again.
Since things began heating up with Greece, and China began earnestly addressing the property bubble, U.S. stocks have outperformed (since April 15):
Russell 2000 up 1.0%
S&P 500 down 0.5%
Europe down 6.8%
China down 9.3%
The biggest problem: traders got half of what they wanted — more volatility and heavier volume, but not the other half — a clear trend. It's been choppy since the Greek debt problem blew up; no trend, so traders have had to sell in and out every day to make money.
That wears on your nerves, even for professionals.
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