A Stock Market Traders Lunchtime View
The markets are seeing some selling today on very light volume. Yields in Italy and Spain are inching higher once again. The markets are on a string of uncertainty. One day things look better and yields decline, the next they look worse as yields surge. The SPDR S&P 500 ETF (NYSEARCA:SPY) is trading at $125.59, -1.03 (-0.81%) . This is on top of the 200 moving average on the intra-day 10 minute chart, a support level. Should the SPY break through that level, the pivot high from last Thursday would be next at $124.90.
The biggest losers today are clearly the banks. Anytime worries erupt out of Europe, the banks have the most to lose in terms of exposure to defaulting debt. JPMorgan Chase & Co. (NYSE:JPM) is trading at $32.44, -0.84 (-2.52%). Note how JPMorgan is down almost three times as much as the SPY. This shows obvious relative weakness.