Stocks Hitting Key Support: GS, MS, YHOO

Many stocks have fallen sharply over the last week as the Dollar made a dramatic low and surged higher. Today, the Dollar is ripping higher, forcing the stock market lower. The PowerShares DB US Dollar Index Bullish (NYSE:UUP) is currently trading at $21.64, +0.10 (+0.46%). This is another big move for the Dollar ETF. In response, the SPDR S&P 500 ETF (NYSE:SPY) is trading at $134.36, -0.72 (-0.53%).

As the markets have fallen sharply this past week, some stocks are nailing massive support levels and may see a short lived bounce next week. These plays may be optimal swing trades and great for capturing gains in a short amount of time.

The first stock nailing a major level is Goldman Sachs Group, Inc. (NYSE:GS). After being downgraded yesterday, the stock has tumbled into the $140.00 level. This represents a massive support level and should signal a bounce early next week.

The second stock hitting support is Morgan Stanley (NYSE:MS). This is another financial firm that has been under pressure almost all of 2011. While the stock has tumbled from a high in 2011 of $31.04, it now is slamming into major support at $24.25. Look for a bounce early next week.

Lastly, Yahoo! Inc. (NASDAQ:YHOO) has hit a level that may represent the best bounce of all. This stock is down sharply today after major miscommunications surfaced between Alibaba. With such confusion, the stock is getting pounded, down -1.17 (-6.81%) t0 $16.00. This level happens to be a major pivot low from mid March as well as the 200 moving average on the daily chart. A easy $0.50 bounce is likely next week and maybe more.

About Gareth Soloway 168 Articles


Gareth Soloway has been an avid swing and day trader since his days at Binghamton University where he studied Economics. After college, Gareth quickly excelled as a financial advisor, helping clients get their financial houses in order. While helping others gain financial independence, he continued to study the day trading and swing trading world, developing a unique market philosophy and proprietary methods. Following his work in the financial sector, Gareth went on to trade alongside professional traders. Unable to tolerate the hype of Wall Street any longer and having an amazing ability to profit using his developed techniques, Gareth Soloway decided to partner with his friend and colleague, Nicholas Santiago to form Chief Market Strategist Gareth Soloway serves as the president and CFO of InTheMoneyStocks.Com.

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