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Minyanville's T3 Daily Recap: Stocks Quietly Digest European Election Results


The S&P 500 and Nasdaq held on for small gains, while the Dow slipped 0.2%.

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Stocks oscillated between small gains and losses Monday, with more action coming in the futures prior to the session. The S&P 500 and Nasdaq held on for small gains, while the Dow slipped 0.2%. S&P futures opened down 16 handles last night and at one point were down 20, but by the time US markets opened this morning, the index futures were only off three handles.

Investors had trouble analyzing the implications of the political shake-ups in Greece and France, with the final verdict seeming to indicate that no huge market-moving changes are expected. Socialist candidate Francois Hollande was expected to win in France, and while Greek politics are now plunged back into turmoil, the troubled nation was already widely tipped to eventually exit the euro currency. Overall, the elections can be seen as a defeat for unpopular austerity measures that can have devastating effects on economies during recessionary periods. That may turn out to be net positive for the market, at least for the foreseeable future.

Disney (DIS) jumped 1.6% after The Avengers set records with its $200.3 million first-weekend haul at the box office. Oil and gold continued to fall with no major fundamental catalysts driving the price of the commodities.

Last week the market saw its biggest drop of the year, and it remains to be seen whether it is a dip buying opportunity or the beginning of a deeper correction. Traders are in wait-and-see mode after some technical damage, but are not yet ready to jump off the bullish wagon.

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Evan Lazarus is short AMZN, WFM.
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