The major stock market indexes are all surging higher this afternoon. The rally is broad based as energy, commodities, agriculture, retail, and technology are all trading higher. While this move is very strong today on the surface there are still some pockets of weakness in the market place that should be noted.
First, the volume in today's rally is very weak. The SPDR S&P 500 Trust(NYSE:
SPYAAPL) is the leading and most popular stock in the entire market. Apple Inc. is struggling to stay in positive territory this afternoon despite the Dow Jones Industrial Average trading higher by over 120.00 points. Other leading stocks that are trading lower on the session include F5 Networks Inc.(NASDAQ:
FFIV), Google Inc.(NASDAQ:
GOOG), Qualcomm Inc.(NASDAQ:
QCOM), and Simon Property Group Inc.(NYSE:
SPG).
When market leaders struggle to trade higher it is a warning sign that this move higher in the markets today is very suspect and may not last very long. Traders and investors should understand that the major stock indexes are very oversold on the daily charts and bounces will occur. Remember the old market adage, “nothing goes down in a straight line.”
Nicholas Santiago
InTheMoneyStocks.com
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