The bulls were trying their best to extend Tuesday’s gains but spent much of Wednesday’s session trying to get back to even. The bears failed to hold the early morning dip as the bulls made a quick trip into positive territory but they came back strong in the final hour to get the win.
We mentioned yesterday’s choppy action favored the bears and the selling pressure picked up steam once word spread that the Greeks had withdrawn $1 billion from their banks which lead to fresh worries the country would be exiting the eurozone. The country will hold its upcoming elections on Sunday and a new party would seal the deal.
There is an old saying that if you see a line at the bank, get in it.
The Dow dropped 77 points, or 0.6%, to finish at 12,496. The blue-chips fell 75 points at the open before recovering and pushing resistance. The high for the day was 12,598 as the 12,600 level continues to be a hard hurdle to clear. The low for the session was 12,453 and a break below support at 12,350 could lead to a test back below 12,200. (read more…)
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