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Just the facts folks. The markets are trading slightly lower today with the S&P 500 at 1,370.68, -3.85 (-0.28%). The markets kissed the master level of on the tracking ETF for the S&P 500, the SPDR S&P 500 ETF Trust
SPY. This is the number one factor that should yield a near term bounce.
Other factors also are very apparent. Market leading stock Apple Inc.
AAPL is holding up well. The recent massive fall it Apple has stalled and the stock has found buyers. This tells us the market will hold this area in the near term. Next, throw into the mix options expiration. Far too many bears out there right now in the way of puts. Institutions will do their best to make sure those puts expire close to worthless. To do that, the markets need to get a bid. Last, key levels are getting tagged on many stocks. Chevron Corporation
CVX and JPMorgan Chase & Co.
JPM are both hitting key support levels as well as other major players.
Gareth Soloway
Chief Market Strategist
www.InTheMoneyStocks.com
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