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November 15, 2011
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Stocks are inching higher today. The S&P 500 is trading at 1,254.97, +3.19 (+0.25%). The markets continue to be stuck on yields from Europe. As yields fall, the Euro inches higher and the Dollar declines. The declining Dollar helps inflate the stock market. High Frequency Trading programs are set to read this and react instantaneously to the moves in the Dollar. A small fall in the Dollar buys the market. It is a game where the fastest make the most money.
Bank stocks continue to show some weakness. Their exposure to European debt issues is still not fully known. There are trillions of derivatives related to Europe and there are very few people that know the true exposure of banks like JPMorgan Chase & Co. (NYSE:JPM) or Goldman Sachs Group, Inc. (NYSE:GS) . Goldman Sachs is trading at $98.94, -0.35 (-0.35%).
Apple Inc. (NASDAQ:AAPL) is finally seeing a bounce after days of decline. This bounce will be short lived according to the charts. Downside support levels on Apple are $372.00 and $363.00. The stock is currently trading at $387.85, +8.59 (+2.27%).
One of the big movers today is Green Mountain Coffee Roasters Inc. (NASDAQ:GMCR) . The stock is surging to $46.13, +3.99 (+9.47%). This is an oversold technical bounce. There is still upside to be seen on this play in the coming days and weeks.
Gareth Soloway
InTheMoneyStocks.com
