Markets Digest As Tech Stock Leaders Roar

The market is pausing today after one of the biggest week long rallies in history. The Dow Jones Industrial Average gained over 6% last week, its biggest one week gain since July 2009. Today, the SPDR S&P 500 ETF (NYSE:SPY) is trading at $133.52, -0.40 (-0.30%). Volume is extremely light as many traders are extending their July 4th holiday, one extra day. One of the main reasons for the slight market weakness is due to the Dollar. The PowerShares DB US Dollar Index Bullish (NYSE:UUP) is trading at $21.25, +0.05 (+0.24%).

While the markets seem to be pausing, some key technology stocks are continuing their surge. The leaders in the tech sector were up big last week and are continuing their run. Apple Inc. (NASDAQ:AAPL) is trading at $348.70, +5.44 (+1.58%), Google Inc. (NASDAQ:GOOG) is trading at $531.83, +10.81 (+2.07%) and, Inc. (NASDAQ:AMZN) is trading at $212.71, +3.22 (+1.54%). The only stock at new 52 week highs in the group is Amazon.

This strength in technology is based off of a renewed positive outlook for the economy after last week Greece was essentially bailed out. In addition, new money is flowing into the markets at the start of the third quarter. This usually has a short term positive impact as well.

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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