The markets are fractionally positive today as the bond market, banks and schools are all closed in observance of Columbus Day. The reason the bond market, banks and schools are mentioned is because that creates an environment where volume will be light. This helps the markets stay flat to positive regardless of other factors. The SPDR S&P 500 ETF (NYSE:SPY) is trading at $116.72, +0.18 (+0.15%). The IMF (International Monetary Fund) met over the weekend but did not reach any consensus on how to handle the continued currency wars. The U.S. Dollar is slightly higher today, but having little effect on the markets due to the volume and holiday. Usually, a stronger Dollar would push the markets down. However, again, remember most traders took the day off due to the holiday.
While the markets are light today because of the holiday, they will pick up dramatically in the next few days. Not only is this week options expiration, but mega earnings reports are due from the likes of Intel Corporation (NASDAQ:INTC), JPMorgan Chase & Co. (NYSE:JPM) and General Electric Company (NYSE:GE). Intel kicks it off Tuesday after the market closes. Expect whipsaw action to ignite on these reports and volume to return. The key is to get involved and understand the markets to make money off of every move. Join the Research Center to get swing trades, market guidance and analysis as well as education.
Gareth Soloway
Chief Market Strategist
www.InTheMoneyStocks.com
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