S&P 500 ETF (SPY) Foundation Buil;t but Cautious Future
Technically Speaking-
Thank you Middle East, especially Libya. But it looks like Friday we found our support at about 130. Notice how we ended the day close to the close on Thursday. Of the three days we experienced the market reaction to Libya, we can notice a slow progression or stopping the downward movement. Everyday it gets better. This can very well signify the end.
Other Market Influences-
Oil increase could cause problems for us in the future market movement. Oil is the Achilles’ heel of the U.S. economy. America’s energy intensity has declined in recent years, but still is higher than that of Europe or Japan, according to the World Bank. Toronto-based broker Brockhouse Cooper reckons a spike in oil prices to $130 a barrel would lower U.S. industrial-production growth from roughly 5% annually to about 4%. It would cost consumers upwards of $100 billion this year, wiping out much of the boost from the payroll-tax cut, according to Capital Economics…Such concerns have reduced already low odds the Federal Reserve will raise interest rates this year.
Yesterday, U.S. Treasury Secretary Timothy Geithner, when he addressed a Bloomberg Breakfast meeting in Washington, D.C., and told the world that we’re actually in much better shape than we were before the crisis – AND that we’re way ahead of any major economy, So is it about time to look out below for the broad stock market? Does this mean a correction is finally coming? Many think so.
Traders will now be looking for a period of consolidation on S&P trade at around 1290 to confirm that major institutions are prepared to buy the dip. As equity markets move lower, the yield on the 10-year Treasury note has dropped, as the main global government bond market finds bids on the note values that are reversing a period of trade that in general had nothing but sellers.
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