By Gareth Soloway on May 17th, 2010 12:05pm Eastern Time
Early in the day, stocks like Apple Inc. (NASDAQ:AAPL) were higher while other sectors were weak. That has changed as of mid day in the markets. The markets continue to be under pressure from a falling Euro and rising Dollar. Technology which had held up nicely is now swooning. Apple Inc. hit a high today of $256.18 in early trading but now sits at $248.00, over $8.00 off its highs. The markets are breaking the lows from Friday as things in Europe continue to look ugly.
Other technology stocks that initially started the day with gains are Oracle Corporation (NASDAQ:ORCL), QUALCOMM, Inc. (NASDAQ:QCOM) and Microsoft Corporation (NASDAQ:MSFT). It is amazing to see every sector in the market eventually succumb to the Euro drop and the Dollar strength. The markets rallied non stop months ago on a weak dollar and now cannot handle a rise in the dollar. While it seems that currencies have all the control in the markets over the ups and downs, it is the underlying factors of why the currencies are moving in their directions that really drives the market. Stay tuned as this market continues to get slammed down.
Gareth Soloway
Chief Market Strategist
www.InTheMoneyStocks.com
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