The Close Depends on Europe

The market continued its late-day rally this morning and after a lunch hour sell-off is back near the highs of the session. Today's early morning rally was sparked by more positive news/rumors out of Europe as well as better than expected economic numbers.

The ISM Services number and the ADP Job report both came in with readings above estimates. The fading of the rally at lunch can be attributed to investors selling into the rally as well as new rumors out of Europe that Greece is still a high-risk default candidate.

As important as the economic numbers are for the stock market in the long-term, the daily movements will continue to rely on the European situation. In the next 2.5 hours look for the market to take its cues from Europe and if there is no breaking news, stocks should end with sizable gains.

Top performing sector ETFs today:

• SPDR Materials ETF ($XLB)
• SPDR Technology ETF ($XLK)
• SPDR Industrial ETF ($XLI)

Top S&P 500 Stocks today:

• Marathon Petroleum Corp ($MPC)
• Tesoro ($TSO)
• Juniper Networks ($JNPR)