The equity markets rally on Greece report that Greek PM, Alexis Tsipras, will accept all his bailout creditors’s conditions, with only a handful of minor changes. The big question at this point is it too late?
German Chancellor Angela Merkel said Greece had not fulfilled its obligations but the door for negotiations remained open.
July 1 Stock Market Today: Map of the S&P 500
(click the map for a full view)
The SPY traded according to plan after a trend day with volume, inside day with no direction. Most likely get a bounce today, will look for a sell-short after the morning short-covering.
Stocks to Trade |Wednesday July 1, 2015
- News driven day again. Gap higher will make it a tough day to get follow-through long.
Interesting Chart Lessons:
DE Deere and Co. offering solid volume and relative strength. The $95 level was the key area. Looks good now for a couple of days of follow-through. (click the chart for a full view)
Earnings in play today > 1M avg shares: PAYX, STZ, GIS
Bullish Ideas ATR/Volume/Price: QIHU, BBLY, HCA, TSLA, FB, NKE, UNH,
Bearish Ideas ATR/Volume/Price: wdc, sndk, isis, kors, scty, gmcr, rrc, lng, ibm, mmm, amgn, bidu
Weak Stock Weak Close: cnx, wdc, sndk, stx, luv, kors, trn, ctl, nrg, ip, hcn, bhp, kim, hcp, unp, cvx, vz, utx, bby, wfm, ups, cat
Strong Stock Weak Close: CI, BAX, T, TGT, ADBE, TSN
Weak Stock Strong Close:
Strong Stock Strong Close: HZNP, VLO, CF>65
20 day Breakdown: cah, cnx, epd, hpq, low, syy,
20 Day Breakout: CAG, DE, PSX, VLO
2x Normal Volume: juno, syy, hbi, de, stx, mon, cnx, cag, pru, wdc, bax, sndk, lors, low, rio
Watch List Longs: MET, AET, COF, DIS, SBUX, CVX, ABT, LEN, ADBE
Watch List Short: cvx, cost, slb, hal, trv, ko<39, all, pm, hpq, qcom, orcl, nue,
Inside days: aapl, gild yhoo, aal, ms, ebay, brcm, schw, axp, dd, dis, v, dow, bk, swn, ma, ual, gs, swks, amgn, nke, tol, dsf, len, ea, gps, amzn, rrc, mmm, aet, rcl, cree, cybr, yelp, kss, lnkd,
Markets rally on report Greece accepts creditor terms
Eurozone stocks and peripheral bonds rallied on Wednesday, extending gains after a report that Greece was ready to accept most conditions from its international creditors in order to reach a deal over its debt crisis.
Greek Prime Minister Alexis Tsipras was prepared to accept creditors’ demands for a bailout with only a few minor changes, the Financial Times said.
Greek PM Tsipras offers conditional okay to bailout, creditors sceptical
BRUSSELS (Reuters) – Greek Prime Minister Alexis Tsipras has written to international creditors saying Greece could accept a bailout offer published on June 28 if several conditions were changed, but Germany said the letter had come too late and did not go far enough.
In exchange, Athens wants a 29 billion euro loan to cover all its debt service payments due in the next two years.
In the letter, seen by Reuters, Tsipras asked to keep a discount on value added tax for Greek islands, stretch out defence spending cuts and delay the phasing out of an income supplement to poorer pensioners.
“As you will note, our amendments are concrete and they fully respect the robustness and credibility of the design of the overall programme,” the leftist Greek leader wrote.
Euro zone finance ministers were due to discuss the Greek request on a conference call at 1530 GMT, but the initial reaction from ministers and senior officials was that the letter contained elements that ministers will find hard to accept.
Although dated June 30, it arrived after the 19 Eurogroup ministers had ended a conference call on Tuesday evening and the country’s international bailout expired at midnight, when it defaulted on an IMF repayment, euro zone officials said.