The markets have flushed into the key SPDR S&P 500 ETF (NYSE:SPY) support level at $127.60. This level was a long signal taken for a scalp. As of now, the SPY is trading at $127.80. Half of the position is off the table for a $0.20 profit while the remainder has a $0.50 profit target and has a break even stop.
The markets are taking a beating as the Dollar has advanced higher from the open. More worries are bubbling up out of Greece as word is, a bailout is expected by the end of the month.
This is a rare drop in the markets for a Friday. However, with the continued worry out of Europe and now the United States in regards to the job market and debt ceiling, few investors want to hold positions over the weekend.
Commodities are taking a beating today on the back of the stronger Dollar. The United States Oil Fund LP (NYSE:USO) is trading at $39.23, -0.91 (-2.27%) while the SPDR Gold Trust (NYSE:GLD) is trading at $149.58, -0.98 (-0.65%). These commodity declines are sending shares of market leading stocks like Exxon Mobil Corporation (NYSE:XOM) and Chevron Corporation (NYSE:CVX) sharply lower.
As volume lightens up on this Friday session, the markets may continue to float off the lows. That is why I am holding the second half of my SPY trade long with a break even stop. The first half makes it a profitable trade, no matter what.