News that credit card companies received a positive ruling on debit-card fees today helped the market bounce back from afternoon weakness. It looked like window dressing was starting to slow, but the bulls perked up as V, MA and other credit card companies flew higher.
Volume was slightly better but still light, while breadth wasn't nearly as impressive, particularly on the Nasdaq, which finished with 1365 gainers to 1200 decliners. But the bounce continued and the bears' efforts to fade the Greek news didn't last long.
The biggest positive favoring the bulls is the tendency toward upbeat trading ahead of a holiday. Although volume tends to slow, the bulls tend to have more influence. On the downside, window-dressing pressures are ending and the everlasting Greek bailout may be on hold for a few days.
Overall, the bounce over the last three days is substantial but it's running out of catalysts and into overhead resistance. We all know how this market has been inclined toward V-shaped moves once it starts to bounce, but this isn't the same market that it was in February, March and April.