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Minyanville's T3 Daily Recap: Stocks Show Life, Recover After Sharp 2-Day Decline

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The market took the first step toward recovery Wednesday, with the S&P surging 1.6% following two days of heavy selling.

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The market took the first step toward recovery Wednesday, with the S&P surging 1.6% following two days of heavy selling. Yesterday's big gap down was the result of Greece's decision to hold a popular vote over unpopular austerity measures, which puts last week's agreed upon European rescue package in doubt. Most of today's gains came in the pre-market, but stocks showed resilience all day.

Investors tend to buy stocks into Fed announcements, and today was no different. Fed Chairman Ben Bernanke stated that while there was growth in the 3rd quarter, the recovery is likely to be frustratingly slow for the foreseeable future. He also added, as usual, that the Fed stands ready to ease if conditions deteriorate or stagnate.There was no major news out of Europe, as officials try to talk Greek Prime Minister George Papandreou down from the ledge. Reuters did quote EU officials as saying that lenders will not release the next tranche of aid to Greece until the public vote is held.

While today's action was encouraging for the bulls, traders remain in 'wait and see' mode at this stage. There is too much headline risk in the market right now, and experience tells us to wait for more calculated spots to get involved heavily.



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Scott Redler has a position in SPY
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