The markets are slowly selling off today. The SPDR S&P 500 ETF (NYSEARCA:SPY) is trading at $141.15, -0.64 (-0.45%). This is coming on the heels of a solid rally yesterday, to start the week. The previous Monday also saw a rally as Ben Bernanke gave major hope for QE3.
The markets do have some intriguing symmetry to them. For instance, last Monday, the rally took out the previous SPY 52 week high by approximately $0.50. Yesterday, the SPY did the same thing again. Each time approximately $0.50 is added to the highs of the SPY, a fall occurs. Today, this is no different as the markets roll over. If the symmetry holds, this market should sell to $139.50-$139.75 on the SPY before getting any sort of significant bounce. Note the chart below.
Apple Inc.(NASDAQ:AAPL) continues to lead the market with a helping hand from Amazon.com, Inc. (NASDAQ:AMZN) and International Business Machines Corp. (NYSE:IBM). Specific weakness is being shown in the financial sector. JPMorgan Chase & Co. (NYSE:JPM) is trading at $45.30, -0.53 (-1.16%).
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Chief Market Strategist