It closed on the lows of the day to $497.57 and printed a huge bearish engulfing candle. The reversals in the market today were due to the fact that markets worldwide are worried about an impending Greece default. This should not be a surprise to anyone. One of the hardest things to do when trading or investing is to determine what information the market has priced in and what information it hasn’t realized yet. The SPY closed down 0.47% to $134.56 and the uptrend is still very much intact. Crude Oil rocketed today and closed up 1.22% to $101.97 a barrel. This was due to a report stating that Iran cut oil shipments to six countries. Spot Gold closed at $1728.28 while its crazy cousin silver closed slightly down at $33.40. Abercrombie & Fitch (ANF) finally caught a bid today and jumped 8% as the company stated that it expects profit margins to stabilize. ANF closed at $48.30.
Written by Cameron Patrick
@Cam_Patrick