Major averages had an about face during the last half hour of trade yesterday as the Greek debt crisis escalated, sending most of the averages into the red. Volume was higher, though only slightly on the NASDAQ Composite, reflecting another distribution day. Oil fell 8% as it may not necessarily have yet found its floor.
This morning futures are up as the market follows its typical riptide pattern with sudden moves in either direction. Meanwhile, leadership is a mixed bag at best, and big-cap companies like Disney (DIS) or Boeing (BA), while moving higher, do not strike us as the stuff of robust bull market environments. The Market Direction Model remains in cash, as a neutral stance appears to be the most prudent approach to the market at this time. Things could change, perhaps soon or later, but exercising patience as investors wait for the market to sort out its current choppy, sloppy sideways consolidation since mid-December is certainly warranted, in our view.
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