The markets are moving higher today on the back of solid moves from Alcoa Inc (NYSE: AA), Amazon.com, Inc. (NasdaqGS: AMZN), Intel Corporation (NasdaqGS: INTC) and JP Morgan Chase Co (NYSE: JPM). Volume has started to trail off and is expected to starting around 10:30am ET each day this week. This is due to traders leaving early for the holidays and the lack of news after the morning session on Wall Street. This week we will see quite a bit of economic news, but it is all pushed into the pre market session or the 10am ET time frame. Once 10:30am comes around, traders will be essentially done for the day.Alcoa Inc. is higher today after a major deal with Saudi Arabia worth 10.8 billion dollars. In addition, Alcoa was upgraded by Morgan Stanley to overweight. While this upgrade is interesting to say the least, I believe it has come very late to the party. It does appear AA may have a little more upside but I would begin to use this upward momentum as an opportunity to unload positions. A pullback to $12 or below would be much more appealing.Amazon.com Inc. is having a solid day on the back of a blizzard that buried most of the north east of the United States. The key here was to recognize the snow storm was coming on Friday during trading hours and see that there was a high probability that it would cause an extra influx of online shopping. Near term, this seems to be boosting Amazon.com. While Amazon.com seems to be having a solid day, I would expect the pull back to continue after the holidays as profit taking continues. I think there is a large chance Amazon.com will pull back to the $110.00 level before being a solid entry once again.Intel Corp. is also one of the key DOW components keeping the markets up. It is up more than 2% on the day. Intel Corp. was raised to overweight from equal weight by a Barclays Capital analyst. This stock has been in a choppy trading range technically speaking. Being range bound, it may be in a consolidation pattern for a break out. However, watch the key $21.25 level. I would be mildly warm on this as the range from $18.50 to $21.25 looks to continue into the new year.JP Morgan Chase Co. is also helping the DOW and the markets head higher. Along with Goldman Sachs Grp (NYSE: GS), the financials are having a strong day. Over the weekend, comments were made from Barrons that the finanicals may have a bright future. JP Morgan Chase Co was highlighted as being the front runner to profits down the line. Citigroup Inc. (NYSE: C) was noted as being the worst. While the financial stocks have pulled back off their highs, technically speaking, it bothers me the markets have not followed. The financial stocks continue to be a leading indicator to this market. Be aware that their weakness may be a signal of a 10% correction coming in January and February.Gareth SolowayChief Market StrategistInTheMoneyStocks.com
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