After gappng down sharply on the news out of Cyprus, the market averages managed to claw their way back to finish well of of their lows despite weakening somewhat into the close. Given Friday's bloated triple-witching options expiration, the volume comparison was moot although volume came in well below average, with the NASDAQ seeing its lightest trade of the year. The crisis in Cyprus is somewhat unique in the grander scheme of things, and speculation is that the crisis will have blown over by later this week. The situation has, however, caused central bankers realize that they must come up with a better plan than simply confiscating up to 9.9% of account deposits to resolve the crisis as the Cyprus' parliament is expected to reject the measure.
While the market has refused to sell-off in any appreciable manner, it's upside drift has taken a pause over the past two days, and subsequently there has been little in the way of new, actionable buy points in leading stocks. For the most part, investors can remain in a holding pattern.
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