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The exclusive Markets Morning Report is supplied by The Precision Report.
The Precise Take – Three scenarios
Big Picture Analysis - We had not mentioned the Facebook IPO Friday because it seemed at most a tangential issue to the markets. The dismal price action, however, might be an ominous sign for the markets. Though we don’t have any more economic releases today, the rest of the week is dotted with housing related reports and Durable Goods on Thursday. Headline risk out of Greece ought to be a factor at least until the next election in mid-June, but as we have seen time and time again over the last few years, these dramas often stretch out far beyond what many would consider reasonable time frames. Until then, it’s possible for another market plunge or for the bulls to start testing the waters and head essentially sideways to slightly down over the next few weeks. Though the least likely of the three scenarios, it’s possible that a short term bottom turns into an intermediate term one, with the markets shrugging off any more bad news. Internals and liquidity suggest the equity markets in the US are damaged, but not to the degree they were last August around the debt ceiling issue.
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