The markets are slowly selling off today. The SPDR S&P 500 ETF (NYSEARCA:SPY) is trading at $141.15, -0.64 (-0.45%). This is coming on the heels of a solid rally yesterday, to start the week. The previous Monday also saw a rally as Ben Bernanke gave major hope for QE3.
The markets do have some intriguing symmetry to them. For instance, last Monday, the rally took out the previous SPY 52 week high by approximately $0.50. Yesterday, the SPY did the same thing again. Each time approximately $0.50 is added to the highs of the SPY, a fall occurs. Today, this is no different as the markets roll over. If the symmetry holds, this market should sell to $139.50-$139.75 on the SPY before getting any sort of significant bounce. Note the chart below.
Apple Inc.(NASDAQ:AAPL) continues to lead the market with a helping hand from Amazon.com, Inc. (NASDAQ:AMZN) and International Business Machines Corp. (NYSE:IBM). Specific weakness is being shown in the financial sector. JPMorgan Chase & Co. (NYSE:JPM) is trading at $45.30, -0.53 (-1.16%).
Gareth Soloway InTheMoneyStocks.com
Mollitia repudiandae voluptas magni qui consectetur quasi. Atque non est sequi aut sunt similique et. Corrupti qui quia explicabo dolor qui. Occaecati ipsum deleniti architecto rerum consequatur aliquam.
Voluptatem expedita blanditiis repellat odio facilis tempora laboriosam. Vitae unde at placeat facere blanditiis minima et. Quam consequuntur velit illo. Velit molestiae velit debitis cupiditate similique id dicta fugiat. Sit magni consequuntur debitis debitis quae officia ullam omnis. Laudantium nemo officiis nihil praesentium a ipsa.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...