By Gareth Soloway on May 28th, 2010 11:41am Eastern Time
The stock markets in the United States floated slightly lower today ahead of the Memorial Day holiday weekend. The SPDR S&P 500 ETF (NYSE:SPY) was lower by .88%, which is a small pull back considering the massive move up yesterday. This move in the markets may be some profit taking after that move ahead of a three day weekend when anything could happen in Europe or in Asia. Many traders do not want the added risk over a three day weekend when it seems at any time the Euro may collapse again. Should the long weekend remain calm, expect further upside early next week.
Most stocks are seeing slight decline after the massive runup yesterday as well. In the commodity arena, stocks like Exxon Mobil Corporation (NYSE:XOM) and Chevron Corporation (NYSE:CVX) are down around half a percent on the day. This again can be looked at as solid consolidation after the big move they had yesterday.
Technology is also seeing a little pullback with stocks like Intel Corporation (NASDAQ:INTC) pulling back a little over one percent. Apple Inc. (NASDAQ:AAPL) is bucking the trend after releasing the IPAD in Europe. Apple Inc. is up .70% on the day.
Gareth Soloway
Chief Market Strategist
www.InTheMoneyStocks.com
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