By Gareth Soloway on July 7th, 2010 11:57am Eastern Time
The turn date Chief Market Strategists alerted to on July 6th and 7th, 2010 to their premium members has been a perfect profit hit. The markets are surging higher today after the small up day yesterday. Worries continue to decline across the board as commodity, financial and technology stocks are getting scooped up quickly in a buying frenzy. Earnings season starts next week and Wall Street is beginning to believe earnings will not be as bad as the market has priced in. In addition, next week is options expiration and due to the heavy put buying in the market in the last month, it seems likely the markets will get a bounce in the opposite direction.
The SPDR S&P 500 ETF (NYSE:SPY) continue to hover near the highs of the up 1.4%. Commodity stocks are finally rallying with Chevron Corporation (NYSE:CVX) and Exxon Mobil Corporation (NYSE:XOM) leading the charge. In addition to the gains in the commodity sector, the financial stocks are rallying. Stocks like Goldman Sachs Group, Inc. (NYSE:GS) and JPMorgan Chase & Co. (NYSE:JPM) are having stellar days.
The turn date was isolated and revealed early to mid last week. Based on the charting proprietary methodology of Chief Market Strategists, they were able to decipher that July 6th and 7th the market would turn higher. This was released to the Research Center members and Intra Day Stock Chat members. Everyone positioned themselves accordingly and are now reaping the rewards in the form of profits. The SPY has a major level of resistance at $104.50 and then $105.00. Ultimately, we could see this market chop around and eventually rally to $107.00.
The key with any rally that is going to hold is to see the financial and commodity stocks rally together. Today that is happening and is a major positive for the market. To get more information, guidance, swing trade calls and education, join the Research Center.
Gareth Soloway
Chief Market Strategist
www.InTheMoneyStocks.com
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