You can't be too sanguine about a market that breaks down on nothing. Yet that's exactly what happened yesterday. Bonds steady, check. Oil steady, check. Dollar weaker, check.
Earnings? Nothing. Total absence.
News? Just the usual, a G-7 meeting with no conclusions.
It should have been a fairly decent day.
Instead, everything took it on the chin. It didn't start out particularly ugly. The airlines were bad from the get-go, but there was lots of green in tech and financials and consumer packaging.
But then we just got a breakdown and a phony rally that succumbed to an even bigger breakdown that has the Dow Jones Average down for the year.
Just a purely disappointing day and not much to grasp, given that the only two earnings reports last night, United Natural Foods (UNFI) and H&R Block (HRB) didn't do much for me. United was a true shortfall. H&R Block is a pretty much inexplicable situation, where the company has been trying to shed a bank forever.
In the end, the only thing that I could see that drove our stocks down was the usual, the situation in Greece, because there's nothing that was so frightening or significant in this country to merit that late afternoon swoon.
Just a not-so-hot time in the market.