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business newsMinyanville's T3 Daily Recap: News of EU-IMF Greece Agreement Boosts Market
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T3Live.com Jun 23, 2011 4:50 pm
The Nasdaq started to lead a bounce, until the big Greece bombshell dropped.
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Ben Bernanke's press conference yesterday spooked the market, as the fearless Fed Chairman seemed out of answers for the struggling economy. After coming into much criticism for his massive quantitative easing packages, Bernanke will likely not take the notion of more easing lightly, and the markets felt that. The recovery has been lethargic, the job market is still horrendous, the housing market has not picked up at all, and the committee voted to lower GDP growth estimates. It was like a downtrodden sports team turning to its inspirational coach, and him being unable to muster any more inspiration.
This morning's big gap down was a harsh blow for dip buyers, and twice the market plunged into its 200-day moving average, but was able to recover. Then the Nasdaq started to lead a bounce, until the big bombshell dropped: the EU-IMF had agreed to a five-year austerity plan for Greece that would pave the way for another bailout package. The market immediately exploded and the Nasdaq closed green, at a 7-day high. The S&P still closed in the red, but you would think after the big news and strong close we will open higher tomorrow. Weak guidance from Oracle Corporation (ORCL) after the close could provide an impediment, but it feels like there are aggressive buyers after the Greece news.
Watch the T3Live.com Daily Recap below with Scott Redler.
Check out T3Live.com's Virtual Trading Floor to follow these traders and their live portfolios on real-time throughout the day! Take a free trial.
Ben Bernanke's press conference yesterday spooked the market, as the fearless Fed Chairman seemed out of answers for the struggling economy. After coming into much criticism for his massive quantitative easing packages, Bernanke will likely not take the notion of more easing lightly, and the markets felt that. The recovery has been lethargic, the job market is still horrendous, the housing market has not picked up at all, and the committee voted to lower GDP growth estimates. It was like a downtrodden sports team turning to its inspirational coach, and him being unable to muster any more inspiration.
This morning's big gap down was a harsh blow for dip buyers, and twice the market plunged into its 200-day moving average, but was able to recover. Then the Nasdaq started to lead a bounce, until the big bombshell dropped: the EU-IMF had agreed to a five-year austerity plan for Greece that would pave the way for another bailout package. The market immediately exploded and the Nasdaq closed green, at a 7-day high. The S&P still closed in the red, but you would think after the big news and strong close we will open higher tomorrow. Weak guidance from Oracle Corporation (ORCL) after the close could provide an impediment, but it feels like there are aggressive buyers after the Greece news.
Watch the T3Live.com Daily Recap below with Scott Redler.
Check out T3Live.com's Virtual Trading Floor to follow these traders and their live portfolios on real-time throughout the day! Take a free trial.
Scott Redler is long BIDU, SINA, AAPL, SPY, VMW, CRM.
