By InTheMoneyStocks.com on March 29th, 2010 12:11pm Eastern Time
There are many factors contributing to the small upswing in the markets today. The markets are hoving up about half a percent. The interesting thing about the float higher today is that it could last for the entire week. All the factors today, are factors that could show up for the rest of the week in the markets. The biggest ones revolve around light volume, based on the Passover Holiday and Good Friday. This will keep some traders on the sidelines and volume low. Another factor that could last all week is the pump up into Jobs Report expected out on Friday. It is likely the markets will slowly inch higher into that report, especially with the help of holiday, light volume. Dow 11,000 is not far away and the "powers" that be could push it there by Friday. It is about 100 points away.
The weak dollar is adding fuel to the fire. Europe seems to have recovered from the Greece scare. In addition, no new major countries seem to be talking about default. The dollar has moved lower, markets slightly higher.
Leaders continue to be those that have charged higher all quarter. With just three days left in the first quarter of 2010, these companies continue to inch higher. Apple Inc. (NASDAQ:AAPL) is higher by 1% on the day. Reports over the weekend that the IPAD has sold out in the short term continue to ripple through Apple world. Instead of getting the IPAD by early April, it will now be closer to mid April for most that order today or after.
One financial stock that is taking a break is JPMorgan Chase & Co. (NYSE:JPM). The stock has been ripping lately but today, while most other things are higher, JPM is pulling back. Others leading stocks are Chevron Corporation (NYSE:CVX) and Exxon Mobil Corporation (NYSE:XOM). XOM ripped higher from the open ran until late morning. It has now paused but is consolidating in a bullish manner.
Gareth Soloway
Chief Market Strategist
InTheMoneyStocks.com
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