The stock market is in rally mode again today. Positive comments were made towards Greece and handling a selective default by the European regulators. This drove the Euro higher and the Dollar lower. The up cycle is in full effect and should remain choppy to higher for the next week or so. The SPDR S&P 500 ETF (NYSE:SPY) is trading at $134.26, +1.61 (+1.21%). The Dollar is collapsing sharply lower as the PowerShares DB US Dollar Index Bullish (NYSE:UUP) is trading at $21.13, -0.20 (-0.94%).
With the Dollar falling sharply, industrial demand commodity prices are jumping. Industrial demand pertains to oil and other commodities used in the running and building of the world. This is helping key index plays like Chevron Corporation (NYSE:CVX) and Exxon Mobil Corporation (NYSE:XOM). Both stocks are leading the Dow Jones Industrial higher.
On the other hand, gold and silver are falling nicely. Some may wonder why these two commodities are falling with the weaker Dollar? It is simple. Gold and silver are stores of safety. Investors run to them when fear is rising. Today, fear is falling, thus investors are selling gold and silver and move into stocks. Those commodities are falling but as optimism is picking up on the global economy, oil is moving higher.
Gareth Soloway
InTheMoneyStocks.com
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