By Nicholas Santiago on July 30th, 2010 11:01am Eastern Time

Many traders and investors may have realized by now that the major stock market indexes often get supported or defended into the weekend. We call this phenomenon the 'Friday effect'. If you have looked at a chart over the last two years most Friday's before a weekend are basically a flat to slightly positive trading day. There have been a few rare times when the major indexes have sold off sharply on a Friday, however, the key word is rare. Today the SPDR Dow Jones Industrial Average ETF (NYSE:DIA), and the Powershares QQQ Trust (NASDAQ:QQQQ) both started the session sharply lower and are now trading slightly positive on the session.

Today the stock market started the session sharply lower after a weaker than expected GDP report was released by the Commerce Department. However, after the morning gap lower open the market has surged higher. It is also important to note that the U.S. Dollar Index has also declines sharply from the opening bell at the New York Stock Exchange. When the dollar declines the major stock indexes will usually inflate higher.

Please remember that the volume is usually very light on a Friday. Therefore, after the first couple hours the volume will usually get very light and the market often goes into a sideways float throughout the rest of the day. Many professional traders and investors will generally leave early on a Friday to get a head start on the weekend in the summertime. Therefore, it is prudent to expect less volatility throughout the rest of the session. In any case it looks as if the 'Friday effect' has played out again as the market are now flat to slightly higher on the session.




Nicholas Santiago
Chief Market Strategist
www.InTheMoneyStocks.com

By Trade X on July 30th, 2010 10:31am Eastern Time

FDX has surged higher with the stock indexes from the open this morning. This is a leading transportation stock and followed by many investors. FDX will have short term intraday resistance around the $82.55 - $82.60 level.

By ITMS News on July 30th, 2010 10:22am Eastern Time

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By Trader X on July 30th, 2010 10:16am Eastern Time

Conocophillips(COP) has surged higher from a gap lower open at $54.00. The stock is now trading higher by 0.28 cents on  the day to $54.85. COP will have intra-day resistance around the $55.10 - $55.20 area.

By Nicholas Santiago on July 30th, 2010 9:59am Eastern Time

This morning the second quarter Gross Domestic Product(GDP) results were released by the Commerce Department. The second quarter Gross Domestic Product reported was 2.4%. This is sharply lower from the revised first quarter number of 3.7%. Economists had expected the second quarter number to be 2.5%. Therefore, today's number was not a big surprise. What does this all mean for the market?

Well, today the market is starting out under pressure with the SPDR S&P 500 ETF (NYSE:SPY) trading lower by 1.06 to $109.20. Most commodity stocks are under pressure this morning and this is a sign of deflation. Leading commodity stocks such as Cliffs Natural Resources Inc (NYSE:CLF), and Southern Copper Corp (NYSE:SCCO) are trading lower and remain under pressure. Remember when the U.S. Dollar Index is trading higher on the trading session this will often push the commodity stocks lower. Therefore, always keep a dollar chart open as most professional traders will key off this chart. Remember when the dollar is higher the stock market indexes will deflate. Should the dollar decline or sell off the market will inflate higher.

Since the July lows the markets have surged higher climbing about 10.0 percent from that level. However, since July 16th, the major indexes have been very choppy and volatile. This type of volatile action could be expected going forward. Please remember to keep an eye on the U.S. Dollar Index as that chart will generally give traders a good indication of where the stock indexes are trading. This morning the U.S. Dollar Index is trading higher by 0.15 cents to $81.79 and the market is obviously trading lower.




Nicholas Santiago
Chief market Strategist
www.intheMoneyStocks.com

By ITMS News on July 30th, 2010 9:58am Eastern Time

By ITMS News on July 30th, 2010 9:51am Eastern Time

Chicago PMI for July comes in at 62.3.    Analysts expected a range from 58.5- 56.3.  July is up from the prior month of 59.1.

By ITMS News on July 30th, 2010 9:45am Eastern Time

BP established a 100 million unemployment worker fund.   The stock is currently trading down $0.20. 

By ITMS News on July 30th, 2010 9:03am Eastern Time

Merck
Q2 EPS 24 cents vs 74 cents
Q2 adjusted EPS 86 cents
Sees 2010 adj EPS of $3.29 to $3.39
2010 EPS of 82c to $1.16
Trading down almost a dolllar Pre-market

By ITMS News on July 30th, 2010 8:42am Eastern Time

By InTheMoneyStocks on July 30th, 2010 8:39am Eastern Time

GDP for the 2nd quarter is 2.4% which is lower than the 3.4% in the 1st quarter. Futures are trading lower on the major stock indexes after the announcement. The spin masters now have an entire weekend to look for the bright spots in the report.

By ITMS News on July 29th, 2010 5:05pm Eastern Time

Today the market was filled with volatility. Often volatility will be translated into opportunity for the intra-day scalp trader. This is a style of trading that requires fast execution and precise entries. Scalp traders look to take bite size chunks out of the market and profit throughout the course of the trading day. This type of trading rarely requires holding over night and is considered the shortest form of trading around. Today the InTheMoneyStocks.com traders took advantage of numerous opportunities that the market presented. The beauty of being a scalp trader is that you do not have a bias in the market. Therefore, traders will trade both the long and short side of the market regardless of their personal feelings of the economy, and earn very large profits.   Below take note of some of the money making action subscribers benefited from today alone. 


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By ITMS News on July 29th, 2010 3:57pm Eastern Time

The euro regains the $1.30 plus mark, doubts continue about the U.S. credit rating. Japan's yen built on a move higher against the greenback as well. The euro touched $1.3106 on an intraday basis, eclipsing the high of $1.3094 on May 10.

By Nicholas Santiago on July 29th, 2010 3:25pm Eastern Time

FDX is still trading down on the trading session by 0.41 cents to $82.41. However, the stock has rallied higher off the lows of the day at $81.15 which was made around 12:40 pm EST. FDX will have strong intra-day resistance around the $82.75 area.

By Nicholas Santiago on July 29th, 2010 3:00pm Eastern Time

This morning the major indexes all reversed lower from a gap higher open. However, one stock was strong during the morning selling assault and it was Goldman Sachs Group Inc(NYSE:GS). Goldman Sachs is now trading higher on the session by over 4.00 points to $151.57. When Goldman trades higher many traders and investors feel confident that this stock knows something that nobody else does. Therefore, others traders and investors will buy other stocks and often cause a rally.

Since Goldman Sachs Group settled with the SEC over fraud charges the stock has rallied sharply higher. In early July Goldman Sachs Group Inc was trading as low as $130.00 a share. The stock will have intra-day resistance around the $152.00 - $152.50 levels.




Nicholas Santiago
Chief Market Strategist
www.InTheMoneyStocks.com