See It Here: NASDAQ 100 Hits Technical Level, Bounces
The markets surged higher as expected today. This was a result of a technical level hit on the NASDAQ 100 yesterday when the PowerShares QQQ Trust, Series 1 (ETF) (NASDAQ:QQQ) tagged a low of $65.25. This price happened to be the 50 moving average on the daily chart. Based on the dramatic fall in stocks like Apple Inc.
How To Trade It: Technology Tumbles, Europe Fears Go
The markets opened nicely higher only to get slammed once again. Last week the markets saw their largest decline of 2012. The down cycle called by Chief Market Strategists at InTheMoneyStocks is fully in play. European worries continue to increase and technology has seen a sharp pull back from its recent highs.
The markets are having a solid snap back rally. The SPDR S&P 500 ETF (NYSEARCA:SPY) is trading at $137.08, +1.24 (+0.91%). A bounce like today is largely expected by intelligent investors as the buy the dip mentality is still alive and well. In addition, European markets did close higher on the day, thus giving the U.S. markets a sigh of relief. The earnings report from Alcoa Inc.
The markets are selling sharply today. The SPDR S&P 500 ETF (NYSEARCA:SPY) is trading at $137.94, -1.84 (-1.32%). This drop is mostly a result of the Non Farm Payrolls data from Friday. It showed far less jobs created in the month of March. The markets were closed on Friday, thus the reaction today.
Markets Hit 52 Week, But Appear Much Like Last Monday
The SPDR S&P 500 ETF (NYSEARCA:SPY) is pushing through a double top from last week at $141.86, +1.14 (+0.81%). This is a new 52 week high, a level not seen since 2008 in the markets. Today was expected to be a standard float higher in the markets. This was based on the first day in the second quarter 2012.
The market has had one of its biggest non stop rallies in history. This quarter is the best first quarter of any year since 1998. The reasons for the markets success rely purely on the performance of two key stocks, Apple Inc. (NASDAQ:AAPL) and JPMorgan Chase & Co. (NYSE:JPM). Even yesterday, the markets trimmed their losses as both stocks turned early negatives into positive gains.
The markets are floating flat on the trading day. The SPDR S&P 500 ETF (NYSEARCA:SPY) is trading at $141.53, -0.08 (-0.06%). Yesterday, Ben Bernanke pumped the markets with talk of more QE (quantitative easing). This sent the QE addicted markets shooting higher like a junkie excited about a fix.
The markets are grinding higher again today. The SPDR S&P 500 ETF (NYSEARCA:SPY) is trading at $140.93, +0.66 (+0.47%). This continued float higher is being driven by the banks. Just last week, JPMogran Chase & Co. (NYSE:JPM) announced a share repurchase program and upped their dividend. In addition, a new staged stress test helped the other banks jump dramatically.