U.S. Stocks closed modestly higher Tuesday in a quiet trading day as traders found little reason to push the market very far in either direction. REIT's were the leaders to the upside today, showing 4% plus gains in this industry group.
The Dollar traded higher across the board today, with most strength against the British Pound, due to some weak economic reports in the UK. The Dollar is attracting more capital as traders continue to bet that economic recovery will come to the U.S. more quickly than elsewhere. The Yen, however, has been the strongest currency due to the higher savings rate in Japan.
Commodity prices were mixed today. Crude oil recovered from weak trading overnight, as gasoline and heating oil traded strongly upward today. Traders are betting that the weekly supply statistics will show drawdowns in these products, particularly in heating oil due to the cold weather hitting the Midwest, and set to hit the east later this week.
If you are a daytrader, the odds are that the market should trade a bit to the upside on Wednesday based upon the 3 to 5 day cycle. However, don't be surprised if the recent weakness reasserts itself after a pause today. With that in mind, use tape indicators to support your trading decision no matter which direction you favor.
Scott Cole
www.bestdaytradingstocks.com
www.kungfutrader.com
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