After major selling in the markets the past week, the markets are hovering fractionally higher in quiet volume. It is as if Wall Street has taken the day off after the massive sell yesterday. The SPDR S&P 500 ETF (NYSE:SPY) are trading at $118.44. +0.28 (+0.24%). The Dollar is slightly weaker which is helping keep the markets flat to higher. This is a strange day to say the least as volume is non existent. This is the hump day for options expiration and one has to wonder what the institutions have planned for Thursday and Friday. The first two days of this week, the institutions wiped out the call holders the drop. Could they lift the markets into the end of the way, taking out the put holders?
Stocks across the board are mostly flat to higher. With the Dollar slightly weaker, Wall Street is eyeing commodity plays like Exxon Mobil Corporation (NYSE:XOM) which is slightly higher on the day. Technology is stronger overall as well, with stocks like Amazon.com, Inc. (NASDAQ:AMZN) bouncing. The main weak sector is clearly seen to be the bank stocks. Both Goldman Sachs Group, Inc. (NYSE:GS) and JPMorgan Chase & Co. (NYSE:JPM) are lower. After a wild few days of massive swing trade and day trade profits, the markets are pausing. Be ready for the next major move in the markets.
Gareth Soloway
Chief Market Strategist
www.InTheMoneyStocks.com
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