Presented by Gareth SolowayJanuary 09, 2012 12:00PM
Stocks are trading around the flat line once again today. Following the big rally on January 3rd, 2012, the markets have gone into hibernation mode. Volume has been light and market direction muted. The SPDR S&P 500 ETF (NYSEARCA:SPY) is trading at $127.67, -0.15 (-0.12%). This action continues to tell of further upside. It is called bullish consolidation and the upside price target remains $129.50 - $130.00 on the SPY.
The likely cause of further upside will be earnings. Alcoa Inc. (NYSE:AA) reports today after the close. They are expected report a profit of $0.01 per share. In addition, big names such as JPMorgan Chase & Co. (NYSE:JPM) and Apple Inc. (NASDAQ:AAPL) will be reporting over the next couple weeks. This may be the catalyst for one final move up in the markets.
The charts continue to show a bullish angle. While upside is likely it will not last long. The key is to profit on the final upswing then position yourself for the down move. To do this, take the seven day free trial to the Research Center and Intra Day Stock Chat. Join the elite pros as they swing trade every move in the market. Profit with the pros.
Comments
Presented by Gareth Soloway January 09, 2012 12:00PM
The likely cause of further upside will be earnings. Alcoa Inc. (NYSE:AA) reports today after the close. They are expected report a profit of $0.01 per share. In addition, big names such as JPMorgan Chase & Co. (NYSE:JPM) and Apple Inc. (NASDAQ:AAPL) will be reporting over the next couple weeks. This may be the catalyst for one final move up in the markets.
The charts continue to show a bullish angle. While upside is likely it will not last long. The key is to profit on the final upswing then position yourself for the down move. To do this, take the seven day free trial to the Research Center and Intra Day Stock Chat. Join the elite pros as they swing trade every move in the market. Profit with the pros.
Gareth Soloway
Chief Market Strategist