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Technicals Leading S&P 'Pop'
Published:
Wednesday, 19 Aug 2009 | 12:58 PM ET
Text Size 
By: Bob Pisani
Reporter
Reporter
S&P 500 rallies in a thin tape....the S&P 500 and its corresponding ETF [SPY
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] popped about 6 points about 11:45 AM ET. Volume and price moved up just as the index hit 990, which was where it closed yesterday, so technicals are likely a factor.
Traders also note that the Dollar Index has had one of its worst days in a while, which is helping commodity stocks.
Speaking of commodities, oil has been strong all morning as the weekly oil inventory levels showed a drawdown, rather than a build as expected. Energy stocks lead the tape.
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POPULAR TRADER TALK POSTS
- Risk Trade Is Back On
- This Week's Biggest Story: The Dollar
- Corporate Issuance Continues at Torrid Pace
- The Bernanke Dollar Bounce & Gross Says Forget About Rate Hike
- Colgate Really Sparkles After Hours
- Light Volume Has Traders Complaining
- Gold Shatters Another Record
- Have Retailers Reached Their Limits?
- The Retail Mind Game
- The Gold Rush Is On
Data is a real-time snapshot *Data is delayed at least 15 minutes