The bulls got off to a slow start but moved into positive territory shortly after the open as the major indexes tried to extend their year-long gains. However, the bears are taking advantage of the broken down talks between Greece and its private creditors while the European Finance Ministers continue work on a plan to cut down the country’s debt load.
We mentioned in our Weekly Wrap that it is imperative that Greece gets another lifeline as they owe 15 billion Euros come March. If there is no new deal, soon, the country could default which would really cause some volatility on Wall Street and global markets.
Economic news will be light over the next couple of days but the middle and back half will be busy. Corporate earnings will be big on Tuesday with Apple (AAPL, $425.58, up $5.28), Coach (COH, $63.98, down $0.87), EMC (EMC, $23.27, up $0.02), Harley-Davidson (HOG, $41.35, down $0.61), Johnson & Johnson (JNJ, $65.12, down $0.15) and McDonalds (MCD, $100.40, down $1.34) stepping up to the podium.
As we head to press, the Dow is down 41 points to 12,678 while the S&P 500 is off by 3 points to 1,312. The Nasdaq is showing a decline of 10 points to 2,777.
We have more profits to take on 2 current trades so we have to cut it short. One trade is up 80% so we want to lock-in half profits. Subscribers, check the Members Area for the updates and stay on your toes. We are looking at a possible earnings trade which may be released later today.