The markets opened lower, trading down on a stronger Dollar. Quickly, the technical signals on the intra day chart alerted Chief Market Strategists that the SPDR S&P 500 ETF (NYSE:SPY) could see a reversal. Bottoming tail, three tail theory and of course knowledge that it was a POMO day gave the bias to the upside. Those in the Intra Day Stock Chat that took the trade were rewarded handsomely. The market flew higher, moving into gap fill on the SPY. At that point, it was an easy scalp short. Profits were made again.
Technology stocks are higher, financial stocks are higher and commodity stocks are higher. Research In Motion Limited (USA) (NASDAQ:RIMM) is one of the leaders today, trading at $55.00, +3.28 (+6.34%). Bank of America Corporation (NYSE:BAC) is trading nicely higher as well at $11.38, +0.22 (+1.97%).
