Tuesday, February 16, 2010

Markets Get the Move Up on Light Volume

Well, the markets have headed upwards as expected, however, volume is exceptionally low. The SPY is consolidating (currently at $109.20) near the highs of the day. Based on the low volume today, I would expect the markets to continue up a little more and close the day higher. The dollar index is currently sitting at $79.71 which is pretty good support. If the dollar does get a bounce, then the markets should move back down. However, the dollar is not looking strong intra-day, so I wouldn't be surprised if it stays at the current support or even if it breaks lower to the downside. This would fuel the markets higher.

Really not much reason to trade at this point, I think I'm going to call it a day...

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