Afternoon Note
The market has held up as well as could be expected, but the first rally attempt was far too early. On that note, the market should trade sideways until the final moments of the session.
I'm on the floor of the NYSE and the guys down here are relativity calm. I think the market closes at a 200 point difference from here, but that means Dow down 700 points or 300 points. Buyers are eager, but nobody wants to be first, especially ahead of the summer weekend.
I think traders will make a move, but I want to see if other money can be lured off the sidelines. The FTSE opened down 8.7%, and it has cut its losses in half- great sign. The key for the market is leadership as many blue chips have too much dollar exposure to buck the trend.
Meanwhile, economic data out this morning was overshadowed but not pretty. Durable goods order for May fell 2.2%.
On the NYSE, 24 stocks declined to each advancer. The VIX (market fear gauge) is above 23. However, let’s keep things in proper perspective. The 52 week low on the VIX is 10.88 and the high is 53.29.
It’s a tough session, but the underlying trend of nations looking for self-reliance and self-determination could mean blunting high taxes that fuel welfare states. That's the hope, for the moment.
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