By InTheMoneyStocks.com on June 13th, 2010 10:46am Eastern Time
The S&P 500 Index gained 26.72 points for the week ending Friday June 11th, 2010. This was another volatile trading week with dramatic large point swings in both directions before the market staged a sharp rally on Thursday June 10th, 2010. Whether or not this correction is over remains to be seen. However, these markets were oversold and into a major support area which made the probability of a bounce high. The important thing to realize is that this was the first time since March 2009 that the market corrected over 10 percent. The previous two corrections in June 2009 and January 2010 were for about 8 percent. It is also important to note that the February 2010 low was tested several times and held. The S&P 500 Index is now trading above the weekly 50 moving average and this could be short term bullish. Next week is options expiration for the month of June and that usually makes for another choppy and volatile trading week. Therefore, respect these markets as anything can happen at anytime. However, as long as the markets hold the February lows it should remain a traders market presenting numerous profit making opportunities for those who utilize it properly. Please note the moves of the S&P 500 Index can also be traded utilizing the SPDR S&P 500 ETF (NYSE:SPY).
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