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Minyanville's T3 Daily Recap: Heavy Market Appears Headed for Lower Prices


Shares of Groupon gained 18.5% during the session ahead of its earnings call.

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All major US markets dropped around 1% Monday, continuing their recent slide. Investors today were concerned about Greece's potential exit from the eurozone, which appears to be growing more likely by the day. It was the Dow's eighth losing day out of nine, but we have yet to get the type of quick capitulation sell-off that suggests a move bottom is in.

Investors also continued to grapple with JPMorgan's (JPM) $2 billion trading loss, which could deepen over the next couple quarters. The first major casualty of the debacle is the bank's Chief Investment Officer Ina Drew, who retired after more than 30 years with the company. The massive loss has reignited the debate about financial regulation at a time when presumed Republican Presidential nominee Mitt Romney supports repeal of the Dodd-Frank Act. JPMorgan fell another 3.2% today.

Shares of Groupon (GRPN) were among the strongest all day ahead of its Q1 earnings report, gaining 18.5% during the session. The daily deals website had lost nearly two-thirds of its value from IPO day in November 2011, but posted a solid quarter and is adding to those gains after hours (currently up an additional ~13% AH).

Commodities also continued their recent slide. Crude fell $1.35 to $94.78 per barrel, its lowest level of the year. Gold futures fell 1.7%, also closing at a 2012 low.

The fact that stocks could not hold much of the morning bounce is possibly evidence that lower prices are on the horizon. Investors are nervous about several debt auctions in Europe this week, and a two-day euro finance minister meeting regarding Greece.

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