Sucking : Life Pulled Out Of The Markets
After a wild, huge volume day on Friday, the markets returned to "normal". The volatility of Friday has been sucked out, volume dry and the drama ancient history. The Middle East and Northern Africa continues to be caught up in riots and protests but the U.S. markets seem to be shrugging it off as key stocks lead the market higher and the Dollar drops. Currently, the SPDR S&P 500 ETF (NYSE:SPY) is trading at $128.25, +0.53 (+0.41%).
It continues to be amazing to watch this market be controlled. So quickly the sellers vanish and the light volume allows for the market to float higher. Earnings from Exxon Mobil Corporation (NYSE:XOM) helped as they beat on revenue and earnings per share. The one small hiccup was their tax rate, which came in much lower than expected, increasing earnings per share. However, the stock is trading nicely higher today at $79.77, +0.78 (+0.99%).
After a strong Dollar move on Friday, it has fallen back sharply. The Dollar was up on Friday as scared investors ran to it because of the problems in Egypt. As said earlier, that is a distant memory and as the Dollar drops, the markets float higher. The PowerShares DB US Dollar Index Bullish (NYSE:UUP) is trading at $22.36, -0.13 (-0.58%).
The markets await major news later this week on jobs. The Unemployment Rate and Non Farm Payrolls will be reported on Friday, February 4th, 2011 at 8:30am ET. This will be something the markets will look to for direction.
While things are quiet today, smart investors and traders must be constantly watching Egypt and the whole region. Egypt is key because they control the Suez Canal. This is a major shipping route for the whole region and much of the world. Should things get dramatically worse, fear would boil over again and cause the Dollar to spike, sending the markets down again. Longs or shorts are available in this market. However, to do this right, each trader or investor must truly understand the chart dynamics.
Gareth Soloway
InTheMoneyStocks.com
Questions and Answers
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Retail sales for November came in at 0.2%. This number was a disappointment to the market but ultimately had little impact on stocks outside the retail sector. The S&P 500 is trading up 5 points on the day, just shy of a half-percent gain. All eyes continue to be on Europe and at 2:15pm ET today, the Federal Reserve will release their policy statement on interest rates.
Investors, traders and even institutions are feeling pain today after the markets collapsed for the second day in a row. Just days after the media proclaimed all was perfect in the world once more, poor economic news ripped the markets from China and the massive bailout of Greece may fall apart. The S&P 500 has fallen over 5% in the last two trading days. Just today, the SPDR S&P 500 ETF (AMEX:SPY) is trading at $122.00, -6.60 (-5.13%).
The stock market is gently floating higher today after a mega reversal yesterday. Most amateur and retail investors are scratching their heads, trying to understand why they keep getting whipped up and down in this market, losing money endlessly. To understand these moves, one must look at the charts. The charts are like a book, written in a foreign language. If you learn their language, you have the key to profits forever. In late trading yesterday, the S&P 500 staged a 40 point rally. The SPD
The markets opened sharply higher. The key to the markets higher open was a crushing of the Dollar that took place overnight. The PowerShares DB US Dollar Index Bullish (NYSE:UUP) is trading at $21.53, -0.14 (-0.65%), making a new 52 week low. A weaker Dollar is positive for the markets as stocks are treated like commodities in regards to Dollar fluctuations.
It was just three weeks ago when oil spiked higher, causing the market to sell sharply. As oil traded over $100 per barrel, the markets got jittery over fears it would crush a slowly recovering economy. Today, the markets are loving oil as they trade together, tick for tick. The SPDR S&P 500 ETF (NYSE:SPY) is trading at $131.51, +0.53 (+0.40%). This is the high of the day. The United States Oil Fund LP (NYSE:USO) is trading at $41.83, +0.41 (+0.99%). This is also the high of the day.
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