This afternoon, the major stock indexes are soaring sharply higher. The light volume and the falling U.S. Dollar Index are creating the perfect elixir for a strong stock market. Traders and investors should also take note that today is the Columbus Day holiday and the bond market is closed, therefore, the stock market indexes will usually trade higher than normal and rarely decline when the bond market is closed. Remember the old saying, when the cat is away the mice will play. The iShares Dow Jones Transportation Index (NYSE:IYT) is trading higher by 2.71 percent. The market leading stocks such as Apple Inc (NASDAQ:AAPL), Exxon Mobil Corp (NYSE:XOM), and Amazon.com Inc (NASDAQ:AMZN) are trading higher this afternoon. To make a long story short, the stock markets are holding up well during this light holiday volume trading session.
There are a few stocks that are simply not participating in this stock market rally. This tells us that these stocks have very poor relative strength and are likely to decline lower if the stock market pulls back in the near term. Leading stocks such as Netflix Inc (NASDAQ:NFLX), Vertex Pharmaceuticals Inc (NASDAQ:VRTX), Open Table Inc (NASDAQ:OPEN) are a few leading stocks that cannot seem to catch a bid today. Traders must be careful when trying to buy these stocks as these stocks have very poor relative strength at this time. These weak stocks will likely lead the markets lower when the major stock indexes pullback.
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
