The broader market is getting hammered today on news that the pro-bailout parties lack enough seats in parliament to form a ruling coalition. The focus now shifts to the anti-bailout parties to see if they can form a ruling coalition. If they can they have already promised to throw out the Greek debt deal and call for a moratorium on all Greek debt. This has the market reacting quite negatively.
Currently the Dow is near its session lows, off 166. The Nasdaq and S&P are both negative, down 46 and 18 respectively.
Penny stocks are still being dominated by the pumps that were. As traders wait for the next big promotional push, the older ones are a mixed bag. SEFE is trying to recover a bit of its former glory, while SNPK searches the sub-basement. These type of plays always end the same. Epic ramp ups followed by an even more epic collapse. If you want to play the game you have to know the rules. What goes up in the promotional world always finds gravity. Traders should be nimble in the otc and otcbb markets. [Read more...]