The markets opened flat and started selling. After collapsing in the first hour of trading on comments out of Europe and panic in the United States, the markets caught a significant bid, surging towards the flat line. After almost achieving a neutral standing, the markets have starting to come back down. The SPDR S&P 500 ETF (NYSE:SPY) is trading at $124.57, -0.92 (-.73%), the PowerShares QQQ Trust, Series 1 (ETF) (NASDAQ:QQQ) are trading at $56.14 -.13 (-.23%) and the SPDR Dow Jones Industrial Average ETF (NYSE:DIA) is trading at $117.45 -1.01 (-.85%).
The fear is palpable today in the markets. Wall Street traders are shaking in their boots. However, the VIX is not confirming this move. This is a major divergence and must be watched closely. The VIX is a volatility indicator and fear index. With it not confirming the move down in the markets, it may signal a sharp move on the horizon. To follow the VIX, watch the iPath S&P 500 VIX Short-Term Futures ETN (NYSE:VXX).
The winners today are Research In Motion Limited (USA) (NASDAQ:RIMM) which is trading at $25.02, +0.87 (+3.60%) and MasterCard Incorporated (NYSE:MA) which is trading at $322.67, +24.18 (+8.10%). MasterCard is trading sharply higher on solid earnings.
Gareth Soloway
InTheMoneyStocks.com
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