The markets are floating higher today after an agreement was reached on a second Greek bailout. This market float is the same light volume we have seen for almost two months now, no change based on the European news. Based on the market reaction, the bailout was fully expected and priced in. The SPDR S&P 500 ETF (NYSEARCA:SPY) is trading at $136.80, +0.39 (+0.29%).
After options expiration ended on Friday, Apple Inc. (NASDAQ:AAPL) found itself near the $500.00 level. Always remember, institutions push key stocks to major levels like $500 on AAPL on options expiration. The reason for this? Institutions know that a major level will have the largest amount of options at that strike, both puts and calls. Institutions make the most money when a stock closes at its strike as neither puts nor calls pay off. The institutions walk away with the premium as pure profit. After options expiration, Apple is jumping, trading at $512.36, +10.24 (+2.04%).
The Dow Jones Industrial Average is striving to capture the 13,000 level. As of now it is just 20 points away. It is also worth to note that the technology sector is no longer leading the market. While the S&P 500 and Dow Jones Industrial Average are making new highs, the NASDAQ 100 has been stuck below the high from last Wednesday.
All in all, it is business as usual with this market. Light volume continues to propel the market slightly higher each and every day.