So, the low volume two day bounce after tagging a 50% retracement of the June rally has been mostly given back in the snap of two fingers.
The upholding of ObamaCare is being blamed but futures were down 9 points at the open and it was because of Europe, again and still. There are only two ways for Europe to escape and they are: endless printing and bond buying or the United States of Europe. I’d say the former has more chance than the latter. They are clearly more interested in soccer and their upcoming August break than reform. Maybe if they just ignore it…
Certain segments of the market were moved by ObamaCare but it is purely political news over the near-term. The only way Obama loses is if the stock market crashes in October. That is not partisan, just realistic.
Summer has just begun and its gonna be a long one. Enjoy this beautiful day!