Zacks’ Voice of the People Highlights user inthemoneystocks: “Eyes On The Horizon, Traders Ready To Pounce.” from the People & Picks community.
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Eyes On The Horizon, Traders Ready To Pounce.
The markets started out on a wild note today after the ADP Private Sector Employment Data was released. It showed a loss in private sector jobs last month. There was a minor gap down, then a hard sell, as the markets found themselves at gap fill, going back to last Friday.
However, that did not last long. Light volume is king on a holiday-shortened week and it did not disappoint. By 10:00am ET, the markets started to move higher and by mid day, were on the flat line. Since that point, the markets have stayed there, barely moving. Volume is almost non-existent.
Looking across Wall Street, there is little to discuss. Everyone is waiting for the Friday Non-Farm Payrolls and Unemployment Rate. That will be given to the markets at 8:30am ET. Just a reminder, the markets are closed Friday.
Stocks are mostly along the flat line. The one stock of note is Research In Motion Limited (RIMM). They are set to report earnings after the close today. The stock is trading flat as of now.
Financial stocks are showing a mixed bag today with JPMorgan Chase & Co. (JPM) inching higher while Goldman Sachs Group, Inc. (GS) moves lower.
Oil and gold are having fantastic days on the back of a thrashing to the dollar. It looks like some buyers are picking up the Euro or maybe even some short covering. Either way, the Euro is higher and the dollar is sharply lower. The United States Oil Fund LP (ETF) (USO) is higher by 1.20% on the day while the SPDR Gold Trust (ETF) (GLD) is up by 1.00%. Overall, stocks you might think would be higher on a weaker dollar and a rise in oil are not.
The markets are doing exactly what I thought they would. Without volume, we all know that the markets get a lift. Today is not different. If volume gets even lighter, it is possible that the markets could even close positive on the day.
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