S&P 500ETF- SPY
The S&P 500 ETF ,” that uses the symbol “SPY,” has been influenced by the stock market this week. Its stock price stands at $120.19 As we learn in MSN Money Snaphot they write this about the Fund: “The investment seeks to correspond generally to the price and yield performance, before fees and expenses, of the S&P 500 Index. SPDR Trust is an exchange-traded fund that holds
all of the S&P 500 Index stocks. It is comprised of undivided ownership interests called SPDRs. The fund issues and redeems SPDRs only in multiples of 50,000 SPDRs in exchange for S&P 500 Index stocks and cash."
We had a down week, but make no mistake, there is no sign yetthatwe have reversedcourse and are now ina down trend.
Stochastics & RSI are still strong. This week may have not been our best week, but we still only dropped to the middle of the Bollinger Bands. This has defined the strength of our move all along. We are going to have to fall below the middle of the Bands before we identify a weakness in the move. We will watch this week, but, technically speaking, we are still moving up!
There are some thigns for us tocontinue to be aware of as we look at the markets and what is happening around the world!
- European sovereign credit is still deteriorating in a messy way
- Very high sustained levels of call buying
- Bullish Sentiment is unbelieveably hi
Then we have the unknown factors of what lies ahead toward the end of the year with own own, and world politics:
- The uncertainty over the Bush tax cuts
- A dust-up over reports about the indecision that dominated the Group of 20 meeting in Seoul over the last few days on matters of so-called global imbalances
- The re-energized debate about U.S. fiscal policy and the government's debt load in the wake of details released from President Obama’s bipartisan debt-reduction commission
There is a huge amount of uncertainty in the near calendar of the markets. For this reason be cautious in your trading.