Markets To Move Higher Into Holiday

The markets put in a solid low on a gap down this morning. This selling took place in response to fears of a new emergency election in Greece. On this worry, the Dollar moved higher which in turn pushes the stock markets in the U.S. lower. The SPDR S&P 500 ETF (NYSE:SPY) hit a low of $131.38 before rebounding all the way back to its current level at $132.38, +0.43 (+0.33%). PowerShares DB US Dollar Index Bullish (NYSE:UUP) opened at $21.78 but has since fallen to $21.68, -0.05 (-0.21%). This gap higher in the Dollar and then fall, is the reason why the markets have reversed and are now trading higher.

It is highly likely that the markets have point in their low for the week. The $131.38 level on the SPY happens to be a master gap fill from the closing price on April 19th, 2011. In addition, the markets are headed towards the Memorial Day holiday weekend. The Federal Reserve always likes to push the markets up into a holiday weekend to get consumers spending and traveling. In addition, as the volume dries up, the markets always have a tendancy to float up. It is very likely that the SPY will head to $133.60 by the close on Friday.

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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