By Gareth Soloway on August 17th, 2010 12:08pm Eastern Time
The markets have rallied beautifully today on light volume and positive earnings and buyout news. Walmart reported great numbers and raised guidance while Home Depot reported better than expected numbers as well. Both stocks are soaring today. In addition, Potash received a buyout offer BHP Billiton Limited for $130.00 per share. Throw a pinch of light volume and a dash of weaker dollar and the markets have a beautiful concoction for upside action.
While the markets have jumped nicely, they are coming into some major resistance. The SPDR S&P 500 ETF (NYSE:SPY) is higher by 1.75 (1.62%) to $110.01. This happens to be right into the major 50 moving average on the hourly chart. This even number of $110.00 will also work as a master level for the markets. Note the chart below. For more analysis, guidance, swing trades and education, join the Research Center.
Gareth Soloway
Chief Market Strategist
www.InTheMoneyStocks.com
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