"Greece" once again dominated the news in the financial markets. Last week, things were already volatile. Nasdaq popped to a new all-time high on Monday and SPX tested 2130 again. But, as talks between Greece and its creditors dragged on, markets pulled back. Selling picked up some speed as we headed into the weekend. But, still, stocks held up pretty well on Friday.
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The big news this weekend was that Greece first announced a referendum to let its people vote on July 5 on the outcome of negotiations with its international creditors. Tonight, global financial markets are tumbling as Greece imposes capital controls and closes banks! At the time of this writing, Asian markets were down big, although China almost came all the way back to even momentarily!
For the week, the Dow was down 69.27 points; SPX slid 8.5 points; Nasdaq lost 36.49 points. Gold pulled back again to below $1180/ounce, while oil was little changed. Here are how US markets looked after Friday's close:
SPX
Nasdaq
Both SPX and Nasdaq showed a neutral stance at Friday's close, as investors waited to see what would happen in Greece over the weekend. Well, as mentioned above, Greece has imposed capital control and ordered banks to close for a week, although ATMs will remain open with a 60 euro daily limit on withdrawals. For the new week, the markets look to open on the downside. SPX's initial support is at 2080. Below 2080, there is support between 2060-2040. It's difficult to say how far the market will fall. A lot will depend on how well EU can contain the situation. Let's take a look at some major sectors:
Sector Watch
FAS (financial)
FAS closed above its 20- and 30-day MAs, although its MACD went lower. Big banks are holding up well. GS, JPM, WFC, BAC were all neutral on Friday. Same thing goes for the credit cards such as MA and V.
FDN (internet)
BTK (biotech)
IGV (software)