Greece Deal Expected Soon

1:30pm (EST)

The market is trading higher as we head get into the second half of today’s session as Wall Street sees an agreement to a Greek debt deal likely getting done. The news could hit before the closing bell so expect volatility in the final hour today. Trading has been choppy though as the indexes opened higher, then drifted lower before the bulls regained their footing and are now pushing resistance which was prior support until Tuesday.

Economic news hasn’t been great but it wasn’t bad as Initial Claims were up by 8,000 to 362,000 versus expectations for a print of 352,000. Continuing Claims came in at 3.41 million compared to a forecast for 3.4 million. The Challenger Job cuts showed that the number of job cuts in February increased 2.0%.

We gave some targets this morning on where we would like to see the indexes close today so let’s go see where we are at.

The Dow is up 71 points to 12,908 and we are looking for a close above 12,900. Shares of McDonald’s (MCD) are holding the blue-chips back a tad after overseas sales checked in lower than expectations. U.S. sales were up a whopping 7.5% but sales in Europe were up only 4% while Asia sales were up only 2.4%. Overall, same-store sales for February slipped 1.2%. Shares are down 3% and have accounted for 23 negative Dow points. Exxon Mobil (XOM, $85.07, down $0.76) is off 1% and is costing the blue-chips another 6 points. If these two stocks were at even, the Dow would be up triple-digits.

The S&P 500 is higher by 12 points to 1,364 and this morning we said we would like to see a close above 1,365 today. The Nasdaq is showing a 31 point pop and is at 2,966. We want to see 2,950 stick

We have a lot to cover in our Members Area so we have to cut things a little short today. Friday will be a big day for Wall Street but there is water-cooler talk that tomorrow’s jobs numbers were leaked today. We aren’t sure if this true but we like the gains and we are looking for support to stick into the closing bell.

Subscribers, check the Members Area for the latest updates.

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Greece Deal Expected Soon

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