Stocks closed in the black Tuesday but struggled to hold onto gains at the end of the day. When the market reaches oversold levels like we saw Monday morning, it is typical to see oversold bounces that turn into short squeezes. We have seen that over the past two days, but with short interest at its highest point since late 2007, there are still some shorts out there to squeeze. The question is whether the bad news from Europe will hold off long enough for the bulls to maintain any control.
Greece avoided default over the weekend, but many view it as inevitable, and the rhetoric remained sharp today. Late in the afternoon a German Finance Minister basically said that Greece 'can solve its own problems', representing an opinion now that is the majority among the German people. In the end, further bailouts will be up the Germany, so those comments cannot be seen as a positive for the markets.
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No positions in stocks mentioned.
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