Learn the trade here. Make it on tradeMONSTER

Options Trading News

November 6, 2012  Tue 7:10 AM CT

SPX: SEE CHART GET CHAIN FIND STRATEGIES
U.S. stocks are following Europe higher this morning as investors brace for the presidential election and commodities gain.

The S&P 500 is higher by more than one-quarter of a percent, compared with gains of more than half a percent in Germany, France and the U.K. This morning's strength also comes after the S&P 500 continued to hold above its 100-day moving average and the key 1400 level. That suggests the longer-term uptrend remains in effect despite weakness in the last month.

The economic backdrop is also supporting equities, with growing evidence that growth is accelerating on the Chinese mainland. Industries such as steel and coal have been recovering in the last month, and overnight Australia's central bank unexpectedly refused to lower interest rates again because of a stabilizing economy.

Commodities are reflecting that increased confidence as well. Oil, gold, and silver are all higher by more than half a percent, while copper gained by more than one-third of a percent. All the agricultural foodstuffs are broadly higher.

Foreign-exchange markets are mixed, with the U.S. dollar lower against most other currencies while the Japanese yen is stronger across the board. The real story, however, is the rally in the Australian dollar after those bullish comments by the country's central bank.

Despite gains in the broader market, most companies moving on their own news are lower. Express Scripts fell 13 percent after warning investors that analysts are too optimistic about its performance. Real-estate company Zillow also plunged 18 percent on weak revenue guidance.
Share this article with your friends


Related Stories

SPX

Stocks consolidate after large gains

August 20, 2014

The S&P 500 has been rallying since it found support at its 100-day moving average earlier this month, and the benchmark index has risen in six of the last eight sessions.

SPX

Fed minutes, earnings on docket

August 20, 2014

Today's calendar includes minutes from the Federal Reserve's last meeting and several notable earnings reports.

SPX

Stocks continue bullish momentum

August 19, 2014

S&P 500 futures are up 0.15 percent, while most European markets are higher by about 0.5 percent. Asia was strong overnight, with Tokyo and Hong Kong each gaining more than 0.6 percent.

SPX

Housing data dominates calendar

August 19, 2014

Home Depot announces earnings before the opening bell and the Commerce Department will release July housing starts and building permits at 8:30 a.m. ET.

SPX

Nasdaq leads rebound as fears ease

August 18, 2014

S&P 500 futures are up half a percent, while most European indexes are higher by a full percentage point. Asia was mixed, with India's Sensex climbing 1 percent to new all-time high.

Premium Services

Education & Strategy

Repairing losers with ratio spreads

Last week we mentioned the "stock repair strategy." This week is a good time to follow up, given the action...

View more education articles »
optionMONSTER stockMONSTER tradeMONSTER