By Gareth Soloway on June 22nd, 2010 4:05pm Eastern Time
The SPDR S&P 500 ETF (NYSE:SPY) sold sharply in afternoon trading as the markets closed at their lows. The pattern from the gap up on Monday dictated this late day drop on Tuesday after early consolidation. The big drop Monday, half a day of Tuesday consolidation and the the afternoon sell off was a perfect in spirit of bull flag formation that came to fruition. Learn these patterns, they will make you rich. To learn more, join the Research Center.
Just like we would expect, the markets ended down after the dollar pushed higher. The PowerShares DB US Dollar Index Bullish (NYSE:UUP) closed up $0.04 to $25.07. The Euro fell while the flight into gold resumed today with the SPDR Gold Trust (ETF) (NYSE:GLD) moved higher by $1.06 to $121.45. Oil closed slightly lower on the day.
Gareth Soloway
Chief Market Strategist
www.InTheMoneyStocks.com
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