(RTTNews) - Stocks may move back to the upside in early trading on Wednesday after trending lower in recent sessions. The major index futures are currently pointing to a moderately higher open for the markets, with the Dow futures up by 43 points.
Bargain hunting is likely to contribute to any early strength on Wall Street, with some traders looking to pick up stocks at reduced levels following the recent weakness in the markets. The losses seen on Tuesday pulled the major averages down to new three-month closing lows.
Nonetheless, buying interest is likely to be relatively subdued amid lingering concerns about the political situation in Greece, which is headed for a new round of elections after lawmakers failed to form a coalition government.
Greek political leaders are meeting once again on Wednesday in an effort to form a caretaker government that can lead the country in the weeks leading up to the new elections. The new elections are seen as referendum on whether Greece should remain a member of the eurozone.
Meanwhile, the Commerce Department recently released a report showing that U.S. housing starts came in above economist estimates in April, although the report also showed a sharp drop in building permits.
caN you look at some of the etf inverse and long and suggest short term trates...stocks may be difficult to catch just yet until we have a market turn around
These inverse etf's I don't think have moved to 100+ green yet. But some of the good inverse etf's that I have traded are FAZ, SDS, DXD, SKF, and TZA.
New Monthly Trade Triangles Detected Today from MarketClub:
Green Monthly - OSUR, BMRN
Red Monthly - SPLS, ANF, UMC, PCL