Thursday, June 23, 2011

Big Time Buying Spike

I found it hard to believe the market would reach back to lows of the days with all the strength in the tech stocks a few hours ago, but just before 3 PM markets seemed poised to retest lows and I thought my assumption would be wrong.  Then out of the blue the market went vertical (9ish S&P points) in a span of 5 minutes.  Urgent buyer?

Or maybe this one?
Greece reaches agreement with EU/IMF inspectors on 5-year austerity plan - sources

EDIT 3:30 PM - let's see how they close 'em! If the market fades it would be quite bearish. It would have been better to leak this news at 3:51 PM rather than 2:51 PM. Also as a footnote Greece has to approve the austerity imposed on them, which logically they don't like. 5 years of pain so that French and German banks can be made whole on bad investments.

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