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Markets Hesitate As Worry Still Remains

May 24, 2011 11:56 AM ETSPY
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 The markets are trading slightly higher today as the holiday weekend inches closer.  The SPDR S&P 500 ETF (NYSE:SPY) is trading at $132.36, +0.30 (0.23%). There are still faint worries about the European debt crisis but with the Dollar trading lower, the markets are enjoying a break from the selling. The PowerShares DB US Dollar Index Bullish (NYSE:UUP) is trading at $21.71, -0.08 (-0.37%).

The strength to keep the markets slightly positive comes from commodities. Oil, gold and silver are all surging higher today with a small drop in the Dollar. This is helping the beaten down stocks like Chevron Corporation (NYSE:CVX)  and Exxon Mobil Corporation (NYSE:XOM) bounce. While the commodity stocks are bouncing nicely and keeping the market afloat, banks and technology are weaker. After a sharp drop yesterday, this small bounce in the markets is nothing to write home about.

Gareth Soloway

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