Stocks Break Above Resistance; Dow Rises 146 Points (SPY, QQQQ, GLD, USO, TLT, UUP)

Stocks exploded through long term resistance levels on Monday, sending the Dow Jones Industrial Average 146 points higher to just under 10,754. The buying pressure was sustained throughout the day and the markets finished very close to their highs. The Dow traded in a range between 10,608 and 10,774. The SPDR S&P 500 ETF SPY rose 1.53% to $114.21. Volume was on the heavier side today (on a relative basis), but still below the 3-month daily average. Around 211.5 million SPY shares traded hands compared to a daily average of 213.7 million. Considering that the S&P hit a 4-month high today and broke through key resistance levels in the 1,125-1,130 range, volume was still a little disappointing. The PowerShares QQQ Trust ETF QQQQ, which tracks the performance of the Nasdaq 100, jumped 1.74% to close at $48.83. The widely traded ETF's biggest component Apple AAPL jumped 2.85% to all time highs above $283. Gold also continued to make new all time highs. COMEX gold futures are currently trading 0.19% higher at $1,279.90. The SPDR Gold Trust ETF GLD added another 0.26% to close New York Stock Exchange trading at $124.87. Crude oil was also strong on Monday after selling off at the end of last week. NYMEX crude futures jumped 1.38% to $74.68. The United States Oil Fund ETF USO gained 1.78% to close at $33.23. Treasuries also moved higher on the session, despite the rally in the stock market. The iShares Barclays 20+ Year Treasury Bond ETF TLT surged 0.58% to $102.26. The yield on the 10-Year Note fell 3.64 basis points to 2.70%. The U.S. Dollar was marginally weaker on the trading session. The PowerShares DB US Dollar Index Bullish ETF UUP, which tracks the performance of the dollar versus a basket of foreign currencies, fell 0.13% to $23.57. The closely watched EUR/USD pair is currently trading at $1.3066.