By InTheMoneyStocks.com on March 25th, 2010 12:22pm Eastern Time
The markets started with a gap higher today on the back of positive comments from Europe on the Greek situation. It seems like Germany is willing to bail them out after all. In addition to this global news, Best Buy Co., Inc. (NYSE:BBY) reported stellar earnings and QUALCOMM, Inc. (NASDAQ:QCOM) raised guidance. This was the recipe for a rally or so the market thought. Jobless Claims came in slightly ahead of estimates to keep things positive from a economic standpoint.
The markets started with a solid gap higher, yet the selling began almost immediately. The selling caused the markets to fall into the high from yesterday. At this point the markets were still solidly higher, just nicely off their top. The markets began to float higher again as light volume took over. Ben Bernanke was on Capital Hill discussing the financial situation along with the economy. Between 11am and 11:30am ET, the markets got a major bid. They ripped higher on buy programs across the board. Financials, technology, retail and more, surging.
After two days of sub par price action, Amazon.com, Inc. (NASDAQ:AMZN) is surging on the back of the Best Buy positive sales numbers. Amazon is higher by 6.55%. Google Inc. (NASDAQ:GOOG) is surging again today, following the major reversal yesterday. At an approximate price of $544.00, a one million block was bought. This signaled the bottom and a major move higher on Google Inc. Today, the price sits at $567.65. Not a bad profit for that institution that picked up the one million block at $544.00.
The markets continue higher, driven by end of quarter window dressing, short squeezes and some obvious propping by key high level players. The markets have rocked higher for over a year now without one 10% pullback. It has been a thing of beauty, fun, profitable but also something that is very scary. One never knows when the music stops and the small trader is left holding the bag.
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Gareth Soloway
Chief Market Strategist
InTheMoneyStocks
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