U.S. equities had a decent rally underway until news out of Egypt suggested that the army was going to oust the president and suspend the constitution. Hundreds of thousands of people are in the streets and some minor clashes have been reported between supporters of president Morsi and haters of Morsi.
The U.S. and the UN are urging dialogue, but there seems to be no chance of this and the fear is that this will erupt into much more than a military coupe.
For the most part U.S. equities are down a tad as opposed to tanking.
Oil remains high and closing in on a hundo while gold is still down paring about half it losses on the day.
Financials led the rally this morning and remain in good relative strength given the reversal of this morning’s rally.
Currently basic materials lead to the downside, followed by conglomerates and the transportation sector.
Today’s new highs include $BMO, $UDR, $BMO, $QUAD, $TOYOF,$OUTR, $ANGI, & $SLXP, new lows find $CCJ, $CTR, $BXE, $MHK, $UTEK, $TSU, $KKR, $TICC, $EXP, $JRO, $SNPS, $PCAR, $ITRI, $TRLA, $DIS, $ATO, $PX, $HUM, $IRBT, $PX, $WLH, $BBRY, $FMS, $OLED, $BBY, $CLF, & $ERC
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