Major Reversal Underway (SPY, DIA, QQQQ)
The stock market hit an intra-day bottom at exactly 3:00 EST and now has rallied furiously through the last hour of trading. This reversal coincides with a move lower in the U.S. dollar. The Dow Jones Industrial Average traded down to 9,840, before moving briefly into positive territory. The Dow is currently down 36 points at 9,965 going into the final ten minutes of the week.
An easy way to play these large moves in the averages intra-day is by using ETFs. The SPDR S&P 500 ETF (NYSE: SPY) tracks movements in the S&P 500. The PowerShares QQQ Trust (NASDAQ: QQQQ) is a proxy for the Nasdaq 100, and the Diamonds Trust (NYSE: DIA) moves with the Dow Jones Industrial Average. All of these names trade huge volume every single day, as traders move in and out of the stock market.
