By Nicholas Santiago on July 19th, 2010 3:42pm Eastern Time
Today the major stock market indexes are bouncing back a little from last Friday's bloodbath decline. The SPDR S&P 500 ETF (NYSE:SPY) is trading higher today by 0.68 cents to 107.34. The SPDR Dow Jones Industrial Average (NYSE:DIA) is posting a similar gains. In any case the market is trading higher on extremely light volume. So let's take a look at the heavy hitters moving the markets today.
The first major stock that seems to be lifting the Dow Jones Industrial Average and the S&P 500 index is International Business Machines (NYSE:IBM). Big Blue has reversed all of Friday's declines today trading higher by 2.16 to $ 130.19. This stock will report earnings after the bell today, therefore, the stock could have a lot of the positive news already built in to the current price. Should IBM pop higher after earnings then the stock will have daily chart resistance around the $132.00 - $132.50 area.
Exxon Mobil Corp (NYSE:XOM) is trading higher today by 0.52 to $58.47. While this is not a major move higher today leading energy stock it is still enough of a pop to help the major indexes to trade higher. Simply put when Exxon Mobil Corp trades higher rarely will the markets not follow. Exxon Mobil Corp still has the largest market capitalization in the stock market and that must be respected.
Simon Property Group Inc (NYSE:SPG) is the leading commercial real estate stock in the sector. Today Simon Property Group Inc is moving higher by 1.18 to $83.34. The daily chart could be forming a consolidation pattern which is bullish. This stock will have daily chart resistance around the $85.00 level and much more around the $88.50 area should it trade there.
On a trading day when the volume is extremely light there are a few stocks that will lift the major stock indexes. These three stock are today's heavy hitters and they are all trading higher on the session. Please remember that the Dow Jones Industrial Average is just thirty stocks that are price cap weighted. Therefore, the move higher in IBM carries much more weight than the move higher in Exxon Mobil Corp. In any case when these stocks trade higher the markets will often follow.
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