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The Bottom Line: Stock Market Looks Lost

The markets continue to hover slightly lower today. The wild swings seem to be on pause as the S&P 500 (INDEXSP:.INX) is trading at 1,167.17 -4.50 (-0.38%).  The The Dow Jones Industrial Average (INDEXDJX:.DJI) hovers at 10,869.25 -27.66 (-0.25%) and the NASDAQ Composite  (INDEXNASDAQ:.IXIC) drops to 2,411.68 -13.34 (-0.55%).

The markets seem to be unable to make a decision on which way to go in the short term.  The bulls are still lurking while the bears are still enjoying the 1000 point flush on the Dow Jones Industrials just a week ago.  Jobless Claims were somewhat disappointing today as they continue to hover around the 450,00 - 440,00 level each week.  There is no job creation going on and that seems to be keeping any possible continued rally at bay.  In addition, the dollar PowerShares DB US Dollar Index Bullish (NYSE:UUP) is slightly stronger again against the Euro CurrencyShares Euro Trust (NYSE:FXE) and Pound CurrencyShares British Pound Ster. Trst (NYSE:FXB).  This continues to keep the markets from continuing the rally we saw yesterday.

Many of the top stocks today were slightly higher earlier but have fallen to the negative side by lunch.  Apple Inc. (NASDAQ:AAPL) was higher by $3.00 but is now trading flat while key stocks like Exxon Mobil Corporation (NYSE:XOM) and Chevron Corporation (NYSE:CVX), JPMorgan Chase & Co. (NYSE:JPM) are all lower on the day.  These three stocks are part of the Dow Jones Industrials and are keeping the index under some minor pressure.

Gareth Soloway
Chief Market Strategist

Disclosure: no positions