Lunchtime on the East Coast has the stock market up 1% on the back of a slow news day out of Europe as a relief rally is underway.
Some of the hardest hit sectors/stocks are moving higher today as the risk-on trade is back in full force for at least the day. I expect the momentum could continue for a few more days.
The Solar Stocks are moving again with the Guggenheim Solar ETF ($TAN) up 2.2%to the best level in over a month. Do not get too excited, the ETF is still down 22% for the year!
Corn futures are spiking for the second consecutive day as hot and dry weather in the Midwest have speculators believing the result could be a lower crop output. The Teucrieum Corn ETF ($CORN) is up 8.5% in the last two sessions. One of our holdings in The "new" ETF Bulletin newsletter is also enjoying a rally on the corn news - Market Vectors Agribusiness ETF ($MOO) is up 2.3% today a new one-month high.
The SPDR S&P 500 ETF ($SPY) is trading above its 50-day moving average for the first time since 5/3/12 and the index has confirmed an intermediate-term breakout with today's move. Support for $SPY is now at the $135 area and the last trade is $135.83. A few days of closing above the 50-day moving average is a very bullish signal for the near-term future of the ETF.
Market expert and TV personality Matt McCall blogs about what is really moving the markets. He will emphasize Exchange-Traded Funds (ETFs) and individual stocks throughout the trading day.
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