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Markets Looking For Next Catalyst

The markets are floating around the flat line in holiday fashion with the SPDR S&P 500 ETF (NYSE:SPY) trading at $124.22, -0.08. The markets opened higher on relief that nothing negative came out of Europe or Asia over the weekend but then sold back to the flat line as the Dollar moved higher.  The PowerShares DB US Dollar Index Bullish (NYSE:UUP) is trading at $23.26, +0.06. Volume is in full holiday mode now as people are now starting their vacations. The financial stocks are holding the market higher today with Goldman Sachs Group, Inc. (NYSE:GS) and JPMorgan Chase & Co. (NYSE:JPM) trading up one percent.

Gareth Soloway
Chief Market Strategist