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Asian markets were mixed today, after having come under pressure in early trading in reaction to the rest of the world's reaction to the Greek news yesterday. We do have news out this morning indicating that Europe is going to work with Greece in order to rewrite their bailout package at some point this summer. No idea how generous this package will be, but obviously the powers that be are quite excited that Greece did not go in another direction voting over the weekend. Hopefully this was the kick in the butt that the continent needed, but we are still skeptical that they will act quickly and resolve this issue - they have had years after all without any resolution.

We do have housing news out today, including the Housing Starts number (Consensus 719k) and Building Permits (Consensus 725k). That will be the only economic news today with a tad bit more housing news tomorrow with crude inventories and the FOMC rate decision. We do not expect any surprises tomorrow regarding rates, but it would be nice to see more Fed Governors be dovish. US futures are higher this morning, even as it is apparent Spain may have some issues in the near future which the market will have to deal with.

Looking at Asian markets we see markets are mixed:

All Ordinaries - down 0.39%

Shanghai Composite - down 0.66%

Nikkei 225 - down 0.75%

NZSE 50 - up 0.71%

Seoul Composite - up 0.00%

In Europe markets are higher:

CAC 40 - down 0.06%

DAX - up 0.48%

FTSE 100 - up 0.87%

OSE - up 0.52%

Technology

Facebook (NASDAQ:FB) appears to be developing a trend here, and that trend points upwards. Shares closed up once again, rising $1.40 (4.65%) to close at $31.41/share. Volume was once again strong coming in at 43 million shares. We think this is the market readjusting the shares to a fair value after the fiasco that was the initial public offering. There is not much of a chart to look at here, so we shall stick to what we said yesterday and continue to believe that as long as this one can stay above the $30/share level it is bullish.

We finally saw Apple (NASDAQ:AAPL) lead technology higher after waiting for some time. The company outpaced the tech heavy Nasdaq, rising $11.65 (2.03%) to finish at $585.78/share. Volume was still somewhat weak, but on par with recent action as volume registered at 15.7 million shares. If we can get Apple to start marching higher, and we think the shares close over $600/share in the near future, then we could get a rally in the general tech market with the possibility of some spillover into the general market.

Biotechnology

We continue to see strength in shares of Arena Pharmaceuticals (NASDAQ:ARNA) which rose $0.98 (11.67%) to close at $9.38/share. Volume was also strong again as the stock was one of the most actives with volume of 45.9 million shares. This price action continues its impressive streak and this melt-up phenomenon continues. June 27th is the date investors need to pay attention to, and that is next week, so it will be interesting to watch how far this one runs before that announcement in the middle of next week.

Rosetta Genomics (NASDAQ:ROSG) turned in another impressive day as shares bounced back from levels where it had retreated to after its tremendous run-up just a few weeks ago. We saw shares rise $4.37 (51.64%) to close at $14.30/share in trading yesterday. If this is a short squeeze then we could see another day or two of this one going up. It would be hard to believe that all the shorts covered, because the volume was not that high, with the stock only trading 3.27 million shares. It is possible, but not likely.

Banking

Yesterday we recommended closing out an option position we had in the banking sector, but we still have the recommendation out on Regions Financial (NYSE:RF) which we have been behind for quite some time. The stock continues its rally, rising $0.18 (2.79%) to close at $6.63/share on volume of 29 million shares, which was higher than the three month average. We were worried about the fact that these regionals would get taken out with some of the larger banks and thus did not add to positions at lower prices, but we still have the recommendations made earlier so it is not all that bad although we have to admit we missed the call on the bottom here. We don't expect to get them all right, but we will admit when we miss something.

Source: Today's Market News To Trade On: 5 Stocks Moving On News