Stock market today: S&P 500 ekes out gain as Trump says open to deals on tariffs
Most Wall Street traders expected a wild day from the markets following a two day shutdown due to Superstorm Sandy. The idea was that the havoc from the storm and market closure not allowing end of month maneuvering was sure to create extra volume in the markets on Wednesday. This has not been the case. As of 12PM ET, the SPDR S&P 500 ETF Trust (SPY) only traded 46 million shares. This is about in line with what a normal Wednesday would be. The SPY is trading at $141.02, -0.33 (-0.23%).
After a minor gap higher, the markets have faded once again to the slight negative side. The key here on the SPY is the $140.90 level and the $140.40 level. At the end of the day, should both levels break, this market is in trouble. As long as both levels hold, the markets may get a bounce into the elections next week before heading lower.
International Business Machines Corp. (IBM) is the standout today, keeping the Dow Jones Industrial Average around the flat line. The stock is trading at $195.44, +2.17 (1.12%). IBM announced an increased share buyback and was technically very oversold. Members at InTheMoneyStocks were holding this on the long side since $191.25 last week. Great profits.
The lagging stocks, those dragging on the markets are Apple Inc. (AAPL) and Amazon.com, Inc.(AMZN). Both stocks are still dealing with their earnings reports from last week and selling sharply. Apple hit its daily 200 moving average which is a key level. I am watching to see if it holds into the end of the day.
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After a minor gap higher, the markets have faded once again to the slight negative side. The key here on the SPY is the $140.90 level and the $140.40 level. At the end of the day, should both levels break, this market is in trouble. As long as both levels hold, the markets may get a bounce into the elections next week before heading lower.
International Business Machines Corp. (IBM) is the standout today, keeping the Dow Jones Industrial Average around the flat line. The stock is trading at $195.44, +2.17 (1.12%). IBM announced an increased share buyback and was technically very oversold. Members at InTheMoneyStocks were holding this on the long side since $191.25 last week. Great profits.
The lagging stocks, those dragging on the markets are Apple Inc. (AAPL) and Amazon.com, Inc.(AMZN). Both stocks are still dealing with their earnings reports from last week and selling sharply. Apple hit its daily 200 moving average which is a key level. I am watching to see if it holds into the end of the day.
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Take the seven day free trial to the Research Center and Intra Day Stock Chat. Come join the elite pros as they give you swing trade alerts, proprietary methodology, daily videos and market reports. Learn the secrets of the pros and Wall Street and make money on any move in the markets.
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