Still range-bound but…

Yesterday’s promising day ended not so promising as news out of Greece…yes Greece…sent the market sliding into the close. But have no fear, Greece will get everything they want.  On top of this, China just eased again overnight to the tune of $100 billion. Am I reading that right?

The lower end of the range was defended with a fervor. Now we get to see if the upper end gets defended by sellers. We suspect with the major indices only correcting a few percent, it will not take much to get things moving out to the upside but let’s not jump the gun. Time will tell.

A few sector notes:

BIOTECHS were being creamed yesterday but notice how the BBH, IBB and BIB reversed to finish back above the 50 day. This is important to the market.

OIL prices were smacked back down yesterday but notice how many stocks now are outperforming the commodity. We suspect OIL prices go somewhat range-bound in here after the recent move up.

GOLD and GOLD stocks have settled down but notice hardly a pullback. A move above recent highs will be quite bullish.

The all-important FINANCIALS and SEMIS are a mess in here and need some work.