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 bullish as Alibaba debuts

September 19, 2014

The bullish momentum remains intact this morning, bolstered by the e-commerce giant's initial public offering later today and Scotland's decision to remain in the United Kingdom.

SPX

Quiet calendar through next week

September 19, 2014

Existing home sales are the main item for Monday's session. Preliminary manufacturing numbers are due for China overnight, followed early the next session by similar European data.

SPX

Futures advance on easy money

September 18, 2014

S&P 500 futures are up 0.4 percent, while most European markets are up 0.5 percent to 1 percent. Asia was mixed overnight, with India ripping almost 2 percent and Japan gaining more than 1 percent.

SPX

Scottish vote, housing data on tap

September 18, 2014

Today's calendar has several events, including the Scottish independence vote. Final results aren't due until later this evening, though the outcome could be known earlier.

SPX

Stocks little-changed before Fed

September 17, 2014

S&P 500 futures are within a point of yesterday's close, and commodities are flat. Overseas markets are higher, led by gains of 1 percent in Italy, Hong Kong, and Korea.

Premium Services

Free Webinars

Swing Trading w/ Jon Najarian and Ron Ianieri

Education & Strategy

Make your rules, and stick by them!

New traders often act on the recommendations of others or on gut feel. But that is a quick way to...

View more education articles »
optionMONSTER stockMONSTER tradeMONSTER