Today the blog passed the 19,000 RSS Subscriber mark, only 988 more to go before 20k. For those not yet subscribed for free updates, go here for a list of options. Thanks for reading and supporting the site!
Mark from Market Montage explains the current environment best (emphasis mine),
We did indeed see the morning gap down get filled, so much like yesterday it's been an impressive turnaround. That said, yesterday's turnaround led to nothing but a gap down. So the market remains in the "vicious" category and that won't change even with a 2-3% rally from here. It is a headline driven macro environment with rumors this morning that Greece would not get a tranche of its bailout due to rhetoric, followed shortly after by comments that affirmed the bailout was still coming. That is the type of environment we saw in back half 2011 and it is not an enjoyable one. Healthier markets acted as we saw in Jan/Feb where volatility faded away – daily 1-2% moves are not the prescription.
And for those who think the US markets are tough right now, they have forgotten about the rest of the world. Bespoke shared a great chart today highlighting international market returns since the 2012 top. The US has not done "too bad" if you ask me,
Updated market analysis below. Stay frosty (sharp) out there.