By Chief Market Strategist Gareth Soloway on March 1st, 2010 4:48pm Eastern Time
Amazon.com, Inc. (NasdaqGS: AMZN) soared all day as it approached the daily 50 moving average. This level is at approximately $125.25 and should be short term resistance. The whole tech sector rallied today on the back of positive comments about the semiconductor sector. SanDisk Corporation (NASDAQ:SNDK) jumped almost 12% on good news and analyst comments. Other stocks like Intel Corporation (NASDAQ:INTC) also jumped solidly.
Financial stocks remained weak with Goldman Sachs Group, Inc. (NYSE:GS) slightly higher while JPMorgan Chase & Co. (NYSE:JPM) dropped fractionally. The volume today was inanely light telling me that institutions sat on the sidelines waiting for more data from Europe on the bailout for Greece. The dollar started higher but slowly floated lower all day, still ending slightly positive.
Tomorrow the markets have very little economic news. This means they will most likely focus on geopolitical events mostly from Europe and England. The British Pound has been crushed in the last week including an ugly day today. The Euro of course has been hit hard as well. To see the Pound chart take a look at CurrencyShares British Pound Ster. Trst (NYSE:FXB). What a cliff dive! Wednesday we get the ADP Employment numbers. As the jobs data starts to take shape, the markets will take their cue and move accordingly.
The currency issues in the world right now are amazing. With the collapse in the Euro and Pound and the meteoric rise in the dollar, one has to wonder where the next issue will come from. Greece is just the start. Any institution or experienced trader knows that. The big question will be, do they all get bailed out, do some default on their debt and when all is said and done, how many? This is a pot of water just coming to a boil. Just looking at the charts like the FXB or the FXE will tell you that. Stay tuned for further hardcore coverage, calls and guidance in the Research Center at InTheMoneyStocks.com
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