Wild swings in the market today. The bulls came strong out the gate but the bears rallied back to take the major indices into the red. The bulls have once again staged a recovery . The last hour will be crucial. A close in the red could lead to further downside tomorrow. The bulls need a strong close to take control. Europe and Asia were extremely strong overnight with many Hong Kong and Shanghai making new highs.
Key Numbers to watch
Dow: 13,500 . Bears appear determined to keep markets below this level.
S&P: 1,490 . A level of strong support which is now reisistance
Nasdaq: 2,618: 50 day moving average.
Stocks to watch
GS BAC MS C JPM MSFT XOM AAPL GOOG GE CROX RIMM GRMN IBM INTC CSCO
These are some of the markets biggest and/or leading stocks and weakness or strength in them will go a long way in determining which way the market leans . Financials and technology sectors are key.
I would also keep a close eye on oil prices, the Yen and the US Dollar. There is an 80% plus correlation between the Yen and the S&P with them moving in opposite directions. A rise in oil above $80 could kill the markets. Strength in the USD could lead to falling stock prices and vice versa.
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