By Chief Market Strategist Gareth Soloway on January 29th, 2010 12:02pm Eastern Time
The preliminary GDP numbers came in at a monstrous 5.7%. This kick started a rally on Wall Street that lasted until 10:30am ET. At that point the markets started to fall as the strong dollar (which has now tagged the 200ma on the UUP) stayed near the highs. A strong dollar is putting pressure on commodities. That in turn is putting pressure on commodity stocks like XOM and CVX which have a major weighting in the S&P 500 and the DOW. The markets have come down and gone negative. Watch the dollar. It is everything.
Gareth Soloway
Chief Market Strategist
InTheMoneyStocks.com
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