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Positive US data this morning has given the USD a bit of a boost against all of the G8 currencies this morning as investors continue to take sides in the Quantitative Easing debate. As I’ve outlined over the last few days, any positive US data will likely give rise to the assumption that Ben Bernanke and the Federal Reserve will not introduce QE3 at the Jackson Hole Economic Symposium on August 31st
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The SPDR S&P 500 ETF (NYSEARCA:SPY) is trading at $141.78, +0.83 (0.59%). The markets are nearing their 52 week highs. On the SPY, this level is $142.21. While more and more investors turn bullish in this light volume August trading, caution still should be used based on a few factors. The first factor is clearly the volatility index or VIX. The VIX (fear index) is staying neutral on the day. The iPath S&P 500 VIX Short Term Futures TM ETN (NYSEARCA:VXX) is trading at $11.68, -0.07 (-0.60%). Usually, with the market higher, the VIX would be falling much more. The second concerning factor is volume. A market that floats higher on the lightest volume of the year clearly shows a lack of buyers and just no sellers. If institutions are not buying, caution must be used. These factors make any intelligent trader stay on higher alert.
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Gareth Soloway
Chief Market Strategist
www.InTheMoneyStocks.com
