Oracle Stuns Stocks, But It Is A Minor Factor On Market To New Highs
Oracle Corporation (NASDAQ: ORCL) stunned the markets with a poor quarterly report. In the last few days, stocks like Caterpillar Inc. (NYSE: CAT), Deere & Company (NYSE: DE) also disappointed. While the markets pulled back and are trading slightly lower, this is not even close to enough to derail the move on the S&P 500 to new all time highs.
The SPDR S&P 500 ETF Trust (NYSEARCA:SPY) is trading at $155.11, -0.52 (-0.33%). This is well off the lows. The all time high on the SPY is $157.52. Regardless of poor earnings and European issues, the market appears destined to hit all time highs. Once hit, it should spike even higher, squeezing out shorts that jump on board at that level.
The following article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.