By Gareth Soloway on June 28th, 2010 11:43am Eastern Time
The markets and the SPDR S&P 500 ETF (NYSE:SPY) have an inverse head and shoulder possible breakout coming. Should the markets break to the upside above the inverse head and shoulder neckline, this market should head to $109.50 on the SPY. Note the chart below. The markets are hovering slightly higher on this extremely light volume Monday. This week the markets are awaiting the Non Farm Payrolls and Unemployment Rate on Friday. In addition, this coming week is the July 4th holiday. That will make for a very light volume week. Light volume usually is a positive for the markets and it appears we are seeing that today. The SPDR Gold Trust (ETF) (NYSE:GLD) hit a new all time high of $123.56 before pulling back and turning negative. Oil is hovering just slightly negative on the day. The United States Oil Fund LP (ETF) (NYSE:USO) down 1%.
Gareth Soloway
Chief Market Strategist
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By ITMS Education on June 16th, 2010 2:29pm Eastern Time
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By Nicholas Santiago on June 3rd, 2010 3:40pm Eastern Time
Today the major indexes such as the Dow Jones Industrial Average and the S&P 500 Index have traded all over the map intra-day. The DJIA was higher by over 60.00 points before reversing lower during the lunch hour to go negative by 50.00 points. The index is now positive once again and only 40.00 points from the intra-day high. So what is going here? Simply put, the institutional money is jockeying for position and looking to shake out the small S&P e-mini trader. Days like today when the volume is light ahead of a major economic report trade only the best patterns and support/resistance levels. While it looks like a lot is going on in the market it is just noise and chaos on the charts.
Tomorrow is the highly anticipated government jobs report for the month of May. Most fundamental traders such as mutual fund managers will not get in front of this major report. That is why the volume is so light today. Yesterday President Obama and Vice President Joe Biden mentioned that the job report would be very good tomorrow causing a huge rally in the market yesterday. Today is a pause day ahead of that report with a choppiness lacking conviction. Goldman Sachs Group Inc (NYSE:GS) also increased their jobs number estimate to 600k jobs created from their prior estimate of 500k. Therefore, a very good job number is now being factored in for tomorrow. It will be interesting to see if the May job report is a non-event. In any case there are still a lot of geopolitical problems around the world especially as the European Union problems continue to grow. Sometimes the best move in this environment is simply no move.
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By InTheMoneyStocks.com on May 31st, 2010 11:37am Eastern Time
Chief Market Strategist Gareth Soloway will kick start the new Research Center feature No Hype Live - Broadcasts with an event on Monday, May 31st, 2010 at 8:00pm ET (Tonight).
View charts live, hear live commentary on your phone or through your computer speakers.
Chief Market Strategist Gareth Soloway will go over the futures, any news over the weekend, the global markets and stock charts for tomorrow while discussing news and key things to watch this week. InTheMoneyStocks will start the week with a bang with this event. Be ready!
Enjoy the new and improved Research Center!
-Team InTheMoneyStocks
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