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The fear striking the markets on the back of the ugly economic data is valid when looking at the big picture. The Federal Reserve's QE2 policy is coming to a close in June and job creating is still pathetic. The unemployment rate is stuck around 9% and housing is now in a double dip. It appears as if all the printing of money the Federal Reserve has done has had little effect on bringing the economy out of the doldrums. When QE2 actually ends, it is very possible things will start getting much worse again. Where is the money going? Be the first in the trade by joining the Research Center. Click here to take the seven day free trial.
Gareth Soloway
Chief Marekt Strategist
www.InTheMoneyStocks.com
Financial stocks are leading the decline with JPMorgan Chase & Co. (NYSE:JPM) trading at $42.03, -1.21 (-2.80%). The banks have been the weakest of late and it is not surprising to see them dropping further today in a down market. The strongest stocks can be found in the technology sector with Apple Inc. (NASDAQ:AAPL) and Google Inc. (NASDAQ:GOOG) both positive on the day. Click here for a free trial that will change your life forever.
The markets are near an inflection point. While still trading near their 52 week highs, there seems to be a realization starting that the recovery will not go on forever and things will not return to their 2007 levels. Ultimately there is far more downside in the markets than up and it appears the institutions are starting to unload over the last few weeks. Play this market on the safe side. Cash may be king for a while as the Dollar has made a bottom in the short term. To get the next cycle date in the markets, take the seven day free trial to the Research Center.
Gareth Soloway
Chief Market Strategist
www.InTheMoneyStocks.com
The U.S. Dollar Index has caught a sharp bid higher after starting the day in negative territory. The U.S. Dollar Index is now trading higher by 0.06 cents to $74.70 per contract. The low this morning for the U.S. Dollar Index was $74.34 around 11:00 am EST. This is certainly a major move higher for the U.S. Dollar Index intra-day. As we all know by now, when the U.S. Dollar Index trades higher the major stock indexes will deflate and trade lower. We can only imagine how low the major stock indexes would be down if the U.S. Dollar Index was trading higher?
Greece and other nations in the European Union continue to face major debt problems. After all, Greece received a bailout just one year ago by the European Union and the International Monetary Fund. They are already in need of restructuring. We can only wonder if Portugal, and Ireland, will need to be restructured as well. What is going to happen to Spain, Italy, and other nations that have not received an official bailout yet? These problems are not going to disappear anytime soon.
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Read more: http://www.businessinsider.com/krugman-euro-is-now-in-meltdown-territory-2011-6#ixzz1O1dcSrWe
stock market will probably rally because its a big ponzi scheme and run by a bunch of fraudsters
POMO powerrrrrrrrrrr
http://www.forexlive.com/blog/2011/06/01/china-pboc-rate-hike/
My Elliott Wave analysis of the Dow suggests there is more upside to come. Todays action mave have seen a pullback from the end of wave 3 up followed by the start of wave 5 up. An even worse case scenario is that this is an extended wave 3 which is quite likely and we haven't reached wave 5 up yet. I personally WOULD NOT try shorting this market at the moment.
Here is a 60 min chart of the Dow (sorry if the charts are not great, they work for me but can appear cluttered):
It looks very much like a BIG BULL FLAG which has broken upwards, pulled back to the line and started to motor north again.
Todays Nasdaq chart:
The rally at the end of the day cut through three previous strong support/resistance lines like a knife through butter. 43 points up on the Nasdaq in one day? That's one strong rally!
I spotted this triangle on the dax today which could provide a good trading opportunity when it breaks.
J.P. Morgan Chase & Co.(NYSE:JPM) is the leading financial stock in the market. This leading financial stock has sold off sharply since early April 2011. The daily chart is showing some short term daily support around these current levels. The stock looks to have near term intra-day support around $42.00 and $41.70 levels.
Bank of America Corp.(NYSE:BAC) is a leading financial stock that has struggled since January 14, 2011 when it topped out at $15.31 a share. This stock is now trading below all of the major daily chart moving averages which put the stock in a weak technical position. This morning, BAC stock, is trading higher by 0.09 cents to $11.47 a share. The stock looks to have intra-day resistance around the $11.55 level. Should BAC stock start to decline intra-day, traders can watch for intra-day support around the $11.35 area and more around the $11.20 area.
Wells Fargo & Co.(NYSE:WFC) is another leading financial stock that has struggled for most of 2011. This financial giant is trading below all of its major moving averages on the daily chart which put this stock in a weak technical position. In other words, the trend on this stock is down. Traders can watch for intra-day support on this stock around the $27.35 area and more around the $27.00 level.
Citigroup Inc.(NYSE:C) is a leading financial stock that topped out on January 14, 2011. This stock has declined by more than 20.0 percent since that high pivot point. This stock is also trading below all of the major moving averages, which put the stock in a downtrend and a weak position on the charts. Recently, the stock had a ten for one reverse split and it has been declining ever since that time. Intra-day the stock will have support around the $39.80 and $39.40 levels.
The Federal Reserve and the powers trying to help a recovery have a vested interest in having the markets move higher into a holiday weekend. Remember, consumer spending is still the major driving force behind any recovery. Should the market tank into a three day holiday weekend like this, would anyone really be spending that extra money? More likely than not, a large drop into a holiday weekend would make the average American think twice about rushing out to those stores in search of great Memorial Day sales. To get specific trade alerts and to make money in the markets today, take the seven day free trial to the Research Center. Click here.
In addition, as Wall Street traders head out today and tomorrow for the holiday weekend, the markets remain open. This means that the volume remaining will be exceptionally light. Based on human psychology, the markets will naturally float neutral to higher. The psychological aspects of this delve into human nature and the way the we naturally have a positive outlook on life. With institutions gone, the retail investor is the main participant in the markets. Their outlook is to buy. In fact, most retail investors have never shorted the market. This yields the neutral to upside bias on light volume. To become a pro, take the seven day free trial to the Research Center.
Lastly, the Dollar has surged in recent weeks, heading into a resistance area. The odds based on the extension move in the Dollar, favor a pull back. It is very important to recognize that the markets trade in the opposite direction of the Dollar. Therefore, a fall in the Dollar should help the markets trade to the upside. Master the markets by joining the growing elite group inside the Research Center. Click here for a seven day free trial.
The leaders today are clearly technology related with the Nasdaq pushing higher. Microsoft Corporation (NASDAQ:MSFT) is having a fantastic day, trading at $24.80, +0.61 (+2.52%). The weakest stocks continue to be the financial firms, barely squeaking out a gain today. This is one of the only sectors to be near or at their 52 week lows. Continued worry about regulation, lawsuits and more have hampered these stocks for months.
Gareth Soloway
Chief Market Strategist
www.InTheMoneyStocks.com
