This morning, the important transportation sector is declining sharply lower. The iShares Dow Jones Transportation Index (NYSEARCA:IYT) is trading down by $1.41 to $$93.40 a share. This index is followed by many institutional traders as a leading indicator.
Conocophillips (NYSE: COP) is one of the world's leading integrated energy stocks. This morning, the stock is trading higher by 0.50 cents to $72.05 a share. COP stock is trading higher despite the sharp early morning sell off in most other energy stocks.
Yesterday, we wrote about the major stock indexes declining in the first half of the trading session only to bounce higher throughout the afternoon. Well, it happened again today. The same exact pattern repeats nearly every trading day since mid-December.
There is a key trend line on the SPDR S&P 500 ETF (NYSEARCA:SPY) stretching from January 31st, to the low of yesterday. This line has been hit multiple times between these two points and has bounced each and every time. Again, the market hammered this line twice in the morning session of trading today. Each time the 10 minute candle on the SPY closed below.
Many of the leading base metal producing stocks are struggling to catch a bid this morning. Rio Tinto Plc (NYSE: RIO) is a leading stock in the base metals and materials sector that is coming under some early selling pressure.
All of the cloud computing stocks are trading higher again this morning. Earlier today, Oracle Corp (NASDAQ: ORCL) purchased Taleo Corp (NASDAQ: TLEO) for $1.9 billion.
Once again, the major stock indexes have found a low by the noon hour and then floated higher into the afternoon. Nearly everyday we see the same pattern repeat over and over. The trading volume remains extremely light which generally favors the upside in the stock market.
Chinese stocks are flourishing today after the Shanghai Index jumped to 2347.53, +57.04(+2.43%). This pop set the China solar stocks on fire with Trina Solar Limited (ADR) (NYSE: TSL) trading at $9.00, +0.80 (+9.76%). Others like JA Solar Holdings Co., Ltd.
Joy Global Inc (NYSE: JOY) is a leading manufacturer of mining and farming equipment. The stock has been selling off over the past two trading sessions. This morning, JOY stock is declining lower by $2.00 to $90.70 a share.
This morning, the leading agriculture stocks are all trading higher to start the day. The Market Vectors Agribusiness ETF (NYSEARCA:MOO) is trading higher by 0.46 cents to $53.34 a share. The MOO is trading above all of the major daily chart moving averages which puts the stock in a strong technical position.
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