Stock Market Analysis From The Pros
The markets are hovering on the flat line today. This is what is called a pause or consolidation day. The SPDR Dow Jones Industrial Average ETF (NYSEARCA:DIA) is trading at $120.13, -0.07 (-0.06%). A pause or consolidation day tells pro traders that the market may be looking for more upside early next week. This type of pause day occurred on Tuesday, after the massive rally on Monday. It was a precursor to the even bigger rally yesterday of 500 points on the Dow Jones Industrial Average.
Technology is the stronger sector today with stocks like Google Inc. (NASDAQ:GOOG) pushing higher. Amazon.com, Inc. (NASDAQ:AMZN) is also having a strong day, trading at $197.55, +5.26 (+2.73%).
The markets have been on a yo-yo of news, stemming from Europe. While all eyes have been focused on Europe, slowly economic news in the United States has improved. Tomorrow, the closely watched Non Farm Payrolls and Unemployment Report will be released. These will have an impact on the markets but still overshadowed if something happens in Europe.
Stocks to watch today included Diamond Foods, Inc. (NASDAQ:DMND). After dealing with accounting issues, the stock is finally bouncing. It is trading at $30.00, +2.25 (+8.11%). In addition, MasterCard Incorporated (NYSE:MA) hit major resistance on the daily chart at $379.50. It has started its pull back already and will most likely continue.