Major averages rose only fractionally yesterday after gapping appreciably higher at the start of the day. All the majors finished the day near the low of their trading ranges, volume was lower on the NASDAQ Composite but higher on the S&P 500 due to Wednesday's NYSE 3+ hour trading halt.
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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