Choppy Afternoon

Stocks seem to manage to stay in the green, however they surrendered their early gains. The first spark for the day came from pending home sales. The latest data came much stronger than expected, up 6.7% month-over-month. The consensus was 0.5% increase. It helped the stocks spike for 35 minutes after the opening bell. S&P 500 touched the 950 levels. Then trading turned into a profit taking day.

For the first time in year S&P managed to go above the 200-day moving average. Half the sectors today manage to stay in green. Consumer staples and Health Care were the best performing sectors of S&P, up 1.15% and 0.96% respectively.

CBOE Volatility Index, VIX, is changing hands at 29.65, down 1.3%.

Motor vehicle sales data came out from a number of different manufacturers. The numbers are not glorious yet the market seem to ignore it. Toyota's and Honda's May total car sales are down 40.7% and 50% respectively. GM and Chrysler May US sales down 29.6% and 57% respectively.

A choppy session after all.