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The Low Down On The Up Market Today.

|Includes: AAPL, Chevron Corporation (CVX), SPY, XOM

The markets are trading higher today, retracing approximately 50% of the drop yesterday, from the highs of the day to the lows of the day.  It was a monstrous reversal in the last two hours of trading.  The SPDR S&P 500 ETF (NYSE:SPY) hit my master level at $118.15, crossing it by $.02.  Then, as if the end of the world had come, the markets dropped like a rock.  Again, today we are seeing a 50% retrace of that move, at this point in the day.

The markets got a little economic news today.  The final numbers on GDP were released at 8:30am ET.  GDP was revised down to 5.6% growth.  While this did  show lower growth than originally thought, it was well within a range that the markets could handle.  Futures did not move much on this.  With the GDP numbers a neutral indicator on the markets, at 9:30am ET, the U.S markets opened slightly higher on the back of a weaker dollar.  Overnight, European countries continued to hammer out deals for Greece.  This continues to make the overall Greek issue look like less of a big deal and thus cause a bounce in the Euro.  In response, the dollar drops and the markets get a bid.

With the markets trading slightly higher, Michigan Sentiment was released at 9:55am ET.  This also came out approximately in line with expectations.  The dollar began to drop.  As that happened the markets caught a great bid.  They shot higher and as I mentioned earlier, are now hovering around the 50% retrace level, up about a half percent on the day.

Key stocks to watch today include Apple Inc. (NASDAQ:AAPL), Chevron Corporation (NYSE:CVX) and Exxon Mobil Corporation (NYSE:XOM).  Apple Inc. crossed the $230 level a few days ago.  For two days it stayed weak, not leading the market.  Today it caught a sizable bid and is taking technology higher.  It has crossed the $230 level.  I have a major area of resistance and possible short term top between $230 - $235.  This area should be watched very closely.  Apple Inc. will be releasing their IPAD in April.  This could be a classic sell the news type event from the recent run up.

Chevron and Exxon have been under pressure of late as well.  While much of the market has ripped higher, these two stocks have stalled.  Not the case today.  These two stocks are loving the weakness in the dollar and powering forward.  They are definitely leaders today and keeping this market up.  If the dollar moves lower, these two stocks can continue to get a bid and help the market stay up.

Lastly, keep in mind you may be getting a little window dressing today.  With the quarter coming to an end, look for money managers to put outperforming stocks in their portfolios.  When the individual, average investor gets their quarterly statement, it makes it look like the money manager held that stock all quarter.  This can help some of the recent leaders like Apple Inc. be higher today.

Gareth Soloway
Chief Market Strategist