By ITMS Education on June 16th, 2010 2:29pm Eastern Time
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By Nicholas Santiago on June 16th, 2010 9:38am Eastern Time
This morning the U.S. Dollar Index is higher to start the day by 0.19 cents to $86.17. As we all know by now when the dollar rises the markets deflate and vice versa when the dollar declines the market inflate and rally. The news is really a non-event as the dollar is the key to every move in the market. Commodity and inflationary stocks will be most effected by a strong dollar and today many of these stocks are lower to start the day. Stocks such as Potash Sask Inc (NYSE:POT), Freeport McMoRan Copper & Gold Inc (NYSE:FCX), and the United States Oil Fund (NYSE:USO) are all lower as the dollar is higher today. Should the dollar sell off and decline these stocks should be watched as they could inflate off the morning lows.
Understand the factors that move the markets and profit from them. This weekend we will be conducting our world renowned webinar "Methodology Revealed." This "Methodology Revealed Webinar" will open your eyes to the market in a way you never thought possible. Come join us and begin to advance you abilities. For more information Click HERE.
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By Gareth Soloway on June 16th, 2010 12:12pm Eastern Time
Yesterday, the financial rally helped push this market up over 2% on the day. I had given my premium subscribers that tidbit of knowledge to expect that. Sure enough it happened. Today, with commodity stocks weaker, financial stocks are again taking the lead. Stocks like Goldman Sachs Group, Inc. (NYSE:GS) and JPMorgan Chase & Co. (NYSE:JPM) are higher on the day as the markets hover around he flat line. This is particularly impressive considering the news out of Freddie Mac (NYSE:FRE) and Fannie Mae (NYSE:FNM) of delisting. To see all the other financial stocks ignoring the Freddie and Fannie news is bullish for the markets.
BP plc (NYSE:BP) has just shot higher minutes ago on a report coming out that they have agreed to put 20 billion in an escrow account for claims. It was down sharply earlier but just moved to the positive side briefly, now hovering flat. To get more profitable calls, insight, guidance, education, join the Research Center.
Gareth Soloway
Chief Market Strategist
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By Gareth Soloway on June 16th, 2010 11:38am Eastern Time
The markets are continuing to shrug off negative data and negative news as the Dow Jones Industrial Average, Nasdaq and S&P 500 are all around the flat line. The markets have rallied approximately 7% in the last week. The SPDR S&P 500 ETF (NYSE:SPY) is trading just down a few pennies and is right at the highs of the day.
The negative keeps being thrown at the markets but right now, light volume and options expiration maneuvering by the institutions are not allowing the market to drop. BP plc (NYSE:BP) is taking another hit today after the President addressed the nation last night on the disaster. In addition, news that Freddie Mac (NYSE:FRE) and Fannie Mae (NYSE:FNM) are going to be delisted sent their shares into a tailspin. Most funds cannot hold stocks of delisted companies. Both stocks are down by more than 50% on the day. This is a bloodbath and not good for either company. Generally, this would have a very negative impact on the whole financial sector. However, it is being shrugged off.
The fact that the sharp drop in BP and the news from Feddie and Fannie is being shrugged off, shows the market again is either trading purely on options expiration and light volume manipulation, or wants to go higher in the near term.
Gareth Soloway
Chief Market Strategist
www.InTheMoneyStocks.comBy Gareth Soloway on June 16th, 2010 11:38am Eastern Time
The markets are continuing to shrug off negative data and negative news as the Dow Jones Industrial Average, Nasdaq and S&P 500 are all around the flat line. The markets have rallied approximately 7% in the last week. The SPDR S&P 500 ETF (NYSE:SPY) is trading just down a few pennies and is right at the highs of the day.
The negative keeps being thrown at the markets but right now, light volume and options expiration maneuvering by the institutions are not allowing the market to drop. BP plc (NYSE:BP) is taking another hit today after the President addressed the nation last night on the disaster. In addition, news that Freddie Mac (NYSE:FRE) and Fannie Mae (NYSE:FNM) are going to be delisted sent their shares into a tailspin. Most funds cannot hold stocks of delisted companies. Both stocks are down by more than 50% on the day. This is a bloodbath and not good for either company. Generally, this would have a very negative impact on the whole financial sector. However, it is being shrugged off.
The fact that the sharp drop in BP and the news from Feddie and Fannie is being shrugged off, shows the market again is either trading purely on options expiration and light volume manipulation, or wants to go higher in the near term.
Gareth Soloway
Chief Market Strategist
www.InTheMoneyStocks.comRead more…
By Nicholas Santiago on June 15th, 2010 9:40am Eastern Time
Again the story remains the same. When the U.S. Dollar trades lower the stock market indexes inflate and when the dollar rallies the stock market indexes deflate. Look at the stock market indexes yesterday afternoon when the dollar caught a strong bid higher. The major stock market indexes deflated and reversed over 100 points on the Dow Jones Industrial Average. This moring the U.S. Dollar Index is trading lower by 0.29 cents to $86.21. This is helping to inflate the S&P 500 e-mini futures by 6.75 to 1093.00. The U.S. Dollar will have good intra-day support around the $85.85 level.
This morning many commodity stocks are positive. United States Steel Corp (NYSE:X), Freeport Mc MoRan Copper & Gold (NYSE:FCX), and Southern Copper Corp (NYSE:SCCO) are all trading higher on the back of the weaker U.S. Dollar. The United States Oil Fund (NYSE:USO) is trading higher by 0.27 to $34.61.
Simply put when the dollar declines most commodity related stocks will inflate and trade higher. The dollar still remains the most important chart in the stock market.
Understand the factors that move the markets and profit from them. This weekend we will be conducting our world renowned webinar "Methodology Revealed." This "Methodology Revealed Webinar" will open your eyes to the market in a way you never thought possible. Come join us and begin to advance you abilities. For more information Click HERE.
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By Nicholas Santiago on June 15th, 2010 10:22am Eastern Time
This morning the market opened up very strong on the back of the weaker U.S. Dollar index. Everything in the commodity space is trading higher as one would expect with a falling dollar. Technology is trading sharply higher as most NASDAQ stocks are strong. The one sector that is flat today is the financial stocks.
The financial stocks struggled all day yesterday and lead the markets lower once the afternoon sell off began. Today's action in the financial stocks looks very similar to yesterday. All of the leading names look weak and are barely positive on the day.
Goldman Sachs Group Inc (NYSE:GS) is trading higher by 0.37 to $133.79. This stock has had a black cloud above it ever since the alleged fraud charges by the SEC. Goldman Sachs Group will have daily chart support around the $130.00 level should it make a new low for the year. Intra-day the stock will have short term support around the $133.00 area.
J.P. Morgan Chase & Co (NYSE:JPM) is trading higher this morning by just 0.14 cents to $37.48. This stock is still trading above its recent lows and could be forming a bullish pullback pattern on the daily chart. Intra-day the stock will have support around the $37.21 area. The intra-day resistance level for JPM is around the $37.80 - $37.90 level.
Bank of America Corp (NYSE:BAC) is trading high by just 0.01 cent to $15.42 this morning. This daily chart pattern on BAC is possibly a bullish pullback pattern. Therefore, should the market rally in the next few days this stock could get a bid higher. The intra-day support level for BAC will be around $15.30 and more around $15.10. BAC will have intra-day resistance around the $15.75 level.
When the markets rally it is unlikely that they will advance sharply higher without the financial stocks participating. This morning the financial stocks are struggling to stay positive let alone catch a bid and move higher. Therefore, until these stocks rally don't expect too much out of this market today.
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By Gareth Soloway on June 15th, 2010 11:50am Eastern Time
The SPDR S&P 500 ETF (NYSE:SPY) is higher today after the late day sell that gave up the gains yesterday. While the markets are strongly higher, they cannot cut through the master resistance level of $110.85 - $111.10. This level is a major point for the markets that incorporates the pivot high from June 3rd, 2010 and the sixty minute 200 moving average. To get through this level, the financial stocks which have been lagging must participate. Up until now, the rally the last four trading days has been commodity based, as the dollar has fallen and the Euro jumped. Stocks like Goldman Sachs Group, Inc. (NYSE:GS) and JPMorgan Chase & Co. (NYSE:JPM) must take the lead. If they can do that, this market has further upside in the short term. Continue to watch for a close over $111.10 on the day. To get exact entries, exits, guidance, education and more, join the Research Center.
Gareth Soloway
Chief Market Strategist
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