The markets have been all over the map today. Indexes are tracking the inverse of Italian yields. Italian yields broke back below the 7% level pushing the markets higher in early trading. SPDR S&P 500 ETF (NYSEARCA:SPY) is trading at $124.35, +1.16 (+0.94%). Traders must remember that spiking yields in Italy, means a collapse is imminent. Borrowing at such high rates is unsustainable. Therefore it makes sense to be the driving force between the up and down moves in the United States. This type of trading will likely continue, all based on Europe.
Cisco Systems, Inc. (NASDAQ:CSCO) reported earnings that beat Wall Street estimates. The stock is solidly higher, trading at $18.77, +1.16 (+6.59%). This is helping offset weakness in Apple Inc. (NASDAQ:AAPL) . Worries about growth are hurting the stock today. Apple is trading at $383.33, -11.95 (-3.02%).
Green Mountain Coffee Roasters Inc. (NASDAQ:GMCR) also reported earnings that missed Wall Street's expectations. The stock is taking a huge hit as traders continue to worry about future growth and accounting issues. The stock is down from a 52 week high of $115.98 to $42.76, -24.26 (-36.20%) . While scary, the stock is starting to look attractive after filling a key gap on the chart.
Gareth Soloway
InTheMoneyStock
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