The markets are continuing to hover slightly lower today. The SPDR S&P 500 ETF (NYSE:SPY) is trading at $127.34. -0.30. The reason for the weakness today can be blamed on the U.S. Dollar. The PowerShares DB US Dollar Index Bullish (NYSE:UUP) is trading higher at $23.26, +0.15 (+0.65%). A stronger Dollar only puts a little pressure on the market these days as the Federal Reserve continues to have full control. Between light volume and POMO (permanent open market operations), a novice with the Federal Reserve’s money backing, could prop this market up. In addition, Wall Street is waiting for the Unemployment Report and Non Farm Payroll Report tomorrow morning. It is unlikely the markets will move lower the rest of the day and a float slightly higher is very possible.
Gareth Soloway
InTheMoneyStocks.com
