By Markus Heitkoetter
￼Stocks rebounded after having the most brutal day of the year yesterday.
However, the major indices finished Tuesday’s session only slightly higher.
The good news:
The S&P 500 is back in the green for the year, although the Dow did not recover its year-to-date losses.
Of course Greece remains a concern for global markets.
Today Greece became the first advanced economy to miss a payment to the IMF. The 1.7 billion due to the IMF is the largest missed payment in IMF history.
Greece will hold a referendum on July 5th that Eurozone leaders have labeled “a decision to remain in the euro.” Greek Prime Minister Alexis Tsipras told supporters that the European Union (EU) leaders wouldn’t dare kick Greece out of the euro. But with today’s missed IMF payment Greece is closer than ever to leaving the EU.
Speaking of Greece, traders have coined the term “Gretigue” to describe the current situation. According to Rick Barry at the NYSE, Gretigue is defined as “Fatigue of all things Greek.”
After today’s rebound attempt the S&P ended the session 5.5 points higher. With today’s .27% increase the S&P closed the day at 2063.11. The S&P ended the month of June with a 2.10% loss.
The DOW finished the day 23 points higher. Today’s .13% increase put the DOW at 17619.51 at day’s end. The DOW mirrored the S&P with a 2.17% drop in the month of June.
In the U.S. the economic calendar will get its fair share of attention tomorrow with ADP Non-Farm Employment Change at 8:15am ET, ISM Manufacturing PMI at 10:00am ET, and Crude Oil Inventories at 10:30am ET.
Coca-Cola Company (KO) has had a rough couple of days. KO lost 1.5% yesterday, and the downtrend continued today with another .43% decline.
A PowerX Method Sell Signal was identified on 26th Jun 2015. Based on the Average Daily Range, traders are targeting an ADR Profit Target at $38.81.