Since the Spyder Trust (SPY) closed on July 3rd it has rallied 2.36% and has regained about 50% of the decline from the June 22nd high. The rally has been more relentless than I expected as I thought that it was likely to stall last week. The Spyder Trust (SPY) and the PowerShares QQQ Trust (QQQ) have exceeded the resistance levels that I outlined last week. The QQQ made new all time highs due in part to the strong performance of Google, Inc. (GOOG) which was up almost 15% on Friday. The rally in the small cap iShares Russell 2000 (IWM) is currently stalled at it's key resistance. Overall earnings were better than expected except in the energy sector. The continued decline in crude oil prices that was in line with the negative technical readings from the end of June. Even some disappointing economic reports did not deter the buyers who apparently decided they had sold too much because of concerns over Greece and the Chinese stock market.
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