The SPX 500 sits slightly higher (as of 8:45am est) from yesterday’s close on the S&P 500, after the release of better than expected US Unemployment Claims. Before the release we were a few points lower. Many have seen this rally as skeptical, it seems that they are always hours away from a deal with private creditors, but we never get any official details.
If you plan on trading in today’s market, you may want to consider that Ben Bernanke will be testifying today at 10:00 am EST. If there are no hints of stimulus and no serious signs of Greek write-down’s, the market may begin to lose confidence.
If markets continue to rally, be sure to check out the commodity pairs (AUD, NZD, and CAD) as they tend to have a similar correlation to equities.
Today’s sentiment will be judged by Bernanke, Greek resolution optimism, and then tomorrow we have NFP figures.
http://bbfx.com/blog
