The markets are struggling to hold the flat line today. The huge rally yesterday has put the markets in a better mood. President Obama and Vice President Biden each came out touting the jobs number for Friday morning. In addition, Goldman Sachs Group, Inc. (NYSE:GS) upped their estimate for jobs creation in the month of May from 500,000 to 600,000 today. All this helped the markets rally yesterday and hold flat today. Volume is getting very light as we head into the mid day session.
As a Chief Market Strategist I am eying many stocks for possible plays. The top stock at the moment is AK Steel Holding Corporation (NYSE:AKS) should it drop below $14.00 per share. At this point, it would appear to have significant upside potential. The technical pullback is solid along with the pattern of consolidation.
Overall, the SPDR S&P 500 ETF (NYSE:SPY) remains just slightly positive on the day. There was a beautiful inverse head and shoulders that played out to the $111.00 level. Note the chart below. Once that played out, the markets were due for a small pullback. To get more analysis, guidance and education, join the Research Center.
Gareth Soloway
Chief Market Strategist
www.InTheMoneyStocks.com
