Off of last nights work I had orders for both BKH and ZGNX in this morning. Before the open it was clear any bounce today was going to be muted, so I pulled the orders. May revisit the picks from last night later this week. ZGNX was up 7% at one point today but gave it all back before the close. Plenty of good looking bounce ideas failed to do anything at all today. I am still in SH and PSQ.
Where's the Bounce?
Today was set up well for a bounce, but it did not happen.
We could rehash all the worries the market may have, or jump into charts and other stuff. Or we could think about a way to get an idea if/when things are going to turn back up.
We need a rumor or a real news release. Calculated Risk notes this in regards to the Greece ongoing debt drama:
Everyone is focused on June 20th when the 17 euro zone ministers will meet in Luxembourg. There is also a meeting on Tuesday this week (June 14th), although there will not be a press conference following the meeting. Someone will probably blink before the 20th.
So if there is some kind of leak or rumor how Greece will be solved in a hurry (for the 1,290,067th time) how markets react will say a lot about where things are going.
We got a small piece of this when the word that bank charges would be dropped from 3% to maybe 2.5 or 2%. The reason banks got a bid is not the drop, but that most think (correctly?) the charges will be 0%, as the banks want it. The financials have been a bit better since then and that shows that people want to buy when risk is taken off the table.
So either a "Greece Saved!" or some other kind of rumor/news will probably make the rounds this week and if that fails to ignite some kind of move up, that will be very telling.
It is far too early for QE 3.0 trial balloons to be floated so that is not going to happen.
Dropping Hummers From Cargo Planes
Air dropping Hummers in Iraq, don't leave your foot in the aisle!!! (via Geekologie):
Have a good night.