The markets are floating higher today after a holiday shortened week. Volume is on pace to be among the lightest of the year. The SPDR S&P 500 ETF (NYSE:SPY) is hovering a half percent higher and just below the highs from yesterday. The markets seem to be floating not only on light volume but also on a solid move in oil. Crude oil is higher by $1.92 on the day. The United States Oil Fund LP (NYSE:USO), its ETF counterpart is up $0.72 (+2.19%). This move in oil is giving a bullish push to stocks like Chevron Corporation (NYSE:CVX), a key component of the DOW. It is up $0.95 to $78.31 (+1.25%).
This week has been extremely quiet but next week the volatility should pick up substantially as options expiration takes hold. The latest rally began with economic data from China. Next week more major economic news will be released from China as well. This will be a major market moving influence again.
Gareth Soloway
Chief Market Strategist
www.InTheMoneyStocks.com
