U.S. stocks closed mixed on Monday after trading higher early in the morning. The S&P 500 ran into resistance at about 1105, and subsequently pulled back to close modestly lower. Financial stocks apparently started heading lower midway through the trading day, and they ultimately lead the market off of its highs. While Dow Industrials and S&P 500 closed modestly lower, the Russell 2000 and Dow Transports managed decent gains on the session. The Nasdaq brothers were essentially flat on the session.
One issue affecting financials may have been another downgrade for Greek debt, which is now viewed as junk status.
Today's top industry groups included consumer services, textiles, sporting goods stores, music and video stores and recreational vehicles. I would say those are primarily economically sensitive groups, so more money is being bet on a recovery.
Important economic data such as new home sales, PPI and CPI are due out this week, and this is options and futures expiration this week, so watch for volatility.
Scott Cole
www.bestdaytradingstocks.com
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