Small Investors Keep Market Up As Institutions Enjoy
The markets are hovering slightly lower on the day. Overnight, more worries crept out of Greece causing the futures to fall and the Dollar to pop. However, once the market opened, the light volume float was back on. This has been the common theme of late and is likely to continue as long as volume remains light. The SPDR S&P 500 ETF (NYSEARCA:SPY) is trading at $131.26, -0.32 (-0.24%).
All eyes are on Apple Inc. (NASDAQ:AAPL). They report earnings after the closing bell today. This will be a major report for the technology sector and likely a market mover.
The markets keep inching lower early in the day when volume is highest, then floating higher later on. This tells the top traders that the market is overbought but the little investor continues to be caught in the hype and buy. The lack of volume means that big players are not buying but allowing the small investor to push things higher. Essentially, this is the little investor getting long before the bottom falls out.