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Treasury sells $38 bln in 2-yr debt at 0.665%

The SPDR S&P 500 ETF (NYSE:SPY) ran into the key 200 moving average level yesterday as the market closed.  We discussed this in depth, talking about how in the short term, it would be solid resistance.  This morning, the markets gapped higher above it, but quickly came back and have stalled just below this level.  In the short term, this should continue to work as resistance for the market.  Look for a market in the short run that make have trouble moving higher.  Commodities are sharply lower today with gold and oil leading the charge.

Gareth Soloway
Chief Market Strategist
InTheMoneyStocks.com