Stocks quoted in this article:
Despite a whirlwind of news and events from around the world and here at home, the market seems to be whipsawing back and forth in a continued trading range, struggling to disseminate what it all means and pick a direction.
This morning, we have JPMorgan Chase & Co. (JPM) CEO Jamie Dimon testifying before Congress. I read his pre-made speech, and there really isn't much that's noteworthy. They have a small part of their business that was told to hedge a larger part of their business, and they did a poor job and lost a lot of money. It wasn't really a hedge, but just a trade that went south. He goes on to say they have done all the right things to avoid a repeat of this situation, and then he talks a lot about how awesome their company is. So far, JPM is one of the only stocks in the green, so its reaction to the testimony might be something to keep an eye on.
We have Greek elections on Sunday, and word is people are starting to take money out of banks to buy canned goods and other necessities over there. The U.S. market is taking a small hit this morning from worse-than-expected retail sales and a downward revision of last month's figure. This marks the second month in a row of declining retail sales. You pair that with slowing job growth over the past couple of months, and it doesn't take long to figure out why so many people are starting to predict a continuation of Operation Twist or "QE3." If we start to see more and more talk about this, an announcement after the Federal Open Market Committee (FOMC) meeting on June 19-20 might actually be a "buy the rumor, sell the news" situation.