The European Central Bank(ECB) just announced that they will begin there own version of quantitative easing. The central bank said that they will buy Spanish and Italian bonds going forward. This news just spiked the S&P 500 Index. The SPDR S&P 500 Trust (NYSE:SPY) just bounced higher by more than three points in less than an hour. Traders should watch for short term resistance on the SPY around the $121.80 area.
Many traders have jumped into gold and silver on the news. The SPDR Gold Shares (NYSE:GLD) are now trading higher by 0.91 cents to $161.58 a share. Traders should watch for intra-day resistance around the $162.40 area if the GLD starts to run.
This is a very fast market right now as the major stock indexes are extremely sensitive to the news report out of Europe. The U.S. Dollar Index has also plunged lower helping to inflate and resuscitate the stock indexes. Expect more volatility as the day goes on.
Nicholas Santiago
InTheMoneyStocks.com
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InTheMoneyStocks.com is a research and consulting company focused on guiding investors, swing traders and day traders to financial success. Their Chief Market Strategists analyze the markets while making calls on everything from stocks to commodities and currencies. Their goal is to not only guide their subscribers but also teach them their proprietary methods leading them to become investing and trading masters.
Nicholas Santiago
