Market Lab Report - Premarket Pulse 7/10/15
Futures are trading higher by more than 1.3% as a positive resolution to the issues in Greece may come as soon as today. Greece submitted a new reform proposal which is closer to creditors' demands. European markets are trading higher by 2-3% at the time of this writing.
Investors are again faced with a big gap-up open, and whether this one leads to a more sustained bounce off of recent lows remains to be seen. It is, however, more a matter of where leading stocks are within their chart patterns, and in most cases a "busted" pattern does not present any truly coherent, lower-risk entry points for anyone thinking about taking the long side of today's big gap-up. As it turned out to be yesterday, a gap-up this morning could just as easily turn into a short-selling opportunity.
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