Markets are trading lower across the board. This is due to JPMorgan Chase & Co. (NYSE:JPM) reporting earnings that did not meet the expectations of Wall Street. Worries about exposure to bad loans and Europe continue to be a seen as a problem for the bank. In addition, Chinese economic data came in weaker than expected.
After the markets had a one week run of 12%, today is a quiet pause day. All eyes continue to be on Europe but will soon be watching earnings from big players like Alcoa Inc. (NYSE:AA), JPMorgan Chase & Co. (NYSE:JPM) and Google Inc. (NASDAQ:GOOG). While investors are speculating constantly on whether the next move will be up or down, true traders are just watching the charts.
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The stock market is surging again. Gains sit at over 10% in the last week. This euphoric move in the markets has been on continued talk about a European bank recapitalization plan. This plan is said to mirror TARP in the U.S in 2008. The SPDR S&P 500 ETF (NYSE:SPY) is trading at $118.97, +3.26 (+2.82%. Just last Tuesday, the SPY hit a low of $107.43.
(CME, CLNO, GOOG, CME) Stock Updates by DrStockPick.com
We all witnessed the massive late day rally yesterday into the close. The Dow Jones Industrial Average surged higher by nearly 400.00 points in the final 45 minutes before the close at the New York Stock Exchange. The late day surge caused many traders to cover their short positions.
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The stock market is trading solidly higher today. Intervention by the ECB helped push the global markets higher. The SPDR S&P 500 ETF (NYSE:SPY) is trading at $120.83, +1.46 (+1.22%) . The key to knowing whether or not the stock market will go higher is simple. Find a major pivot and watch to see whether the markets close above or below.