Sure, stocks were up today, but it wasn’t your typical “risk on” type of day. Other things that you would expect to rally did not.But first, the scoreboard:
S&P 500: +11.57
And now, the top stories:
- Obviously the #1 story is Greece, which started its big debate on austerity measures today. And really, there wasn’t actually too much on that. The first day of debating hasn’t produced any remarkable headlines or anything. Just predictable stuff. The vote comes Wednesday, so things will get hotter then. The latest indications are that the Papandreou government has a 1-vote majority still — the slimmest of margins.
- Stocks were wobbly in Europe: Notable is that PIIGS spreads continue to widen and widen. Spain, Ireland, and Portugal are all seeing a flight from their short-term debt.
- Economic news was light today: The Dallas Fed number at 10:30 was really awful. Consumer spending has totally flatlined, so that’s not ideal, either. The equity market didn’t seem to care as stocks rallied
- What was weird though was that despite the strong stock market, other indicators of “risk” did not do particularly well. Oil, copper, silver, and various grains all did poorly. Junk bonds — which have been weak — also underperformed. On the other hand, tech — which has been a big-time laggard — went nuts, with Microsoft surging over 4%. Apple also gained over 2%. Meanwhile, some big-time momentum names, like Lululemon and Chipotle broke out.
- Meanwhile, the complete DSK timeline came out today. Click here to flip through it >
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