By Nicholas Santiago on July 22nd, 2010 3:22pm Eastern Time
As the stock market nears the end of the trading session many traders and investors are still unsure if the stock market is going to hold it's massive gains into the close. Today the Dow Jones Industrial Average is trading higher by more than 200.00 points in another large reversal day this week. In the past five trading days this market has staged four reversals for more than 100 points each.
Yesterday the major stock indexes all opened sharply higher only to reverse lower and close down over 100.00 points on the Dow Jones Industrial Average yesterday. While we are in the middle of earnings season this is still very erratic action. Today this market is holding up very well as many major stocks from all sectors are trading sharply higher and holding the gains.
Simon Property Group Inc (NYSE:SPG) is surging higher by more than 4.21 to $86.85. This stock is the leading commercial real estate stock in it's industry group. Simon Property Group will have daily chart resistance around the $88.00 - $88.50 area. Therefore, should the volatile stock market hold up this stock has the potential to trade into that daily resistance.
United Postal Service Inc (NYSE:UPS) is a leading ground and air cargo shipping company that is surging higher today by 3.38 to $63.42. This stock actually reached it's daily short term resistance area this morning around $64.00 level. In any case it is still a solid move higher for this stock and many of the major transport stocks as well.
Today the very volatile and sometimes unpredictable stock market indexes are all holding up well. As for tomorrow's action it would not surprise anyone to see the market pullback as that has been the theme this week. Since the July 16th options expiration this market has been very volatile staging four major reversal days. Will we see another reversal tomorrow?
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