By InTheMoneyStocks.com on February 17th, 2010 1:53pm Eastern Time
The markets are hovering slightly higher on the day as they await comments in the FOMC minutes. This will be released at 2pm ET and could have an important impact on the dollar and the markets. In turn, that could cause commodities to move quickly. The SPDR S&P 500 ETF (NYSE:SPY) are hovering higher by just .40% while the PowerShares QQQ Trust, Series 1 (NASDAQ:QQQQ) are up by .37%. The markets staged an impressive rally yesterday on light volume as the dollar fell sharply. However, today, the dollar PowerShares DB US Dollar Index Bullish (NYSE:UUP) is gaining it all back as optimism is taking hold once again on the U.S economy.
Watch for the 2pm ET release of the FOMC minutes. If the dollar falls, the markets should move higher. If the dollar inches higher, the markets should fall. Commodities continue to hold the flat line even with a stronger dollar due to the optimism on the worldeconomy.
Gareth Soloway
Chief Market Strategist
InTheMoneyStocks.com
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