Where Do We Go From Here?

This morning the S&P 5000 e-mini futures(ES H1) are trading slightly higher. The small move up in the market comes after the U.S. reported that the fourth quarter GDP (gross domestic product) was 3.2 percent. The expectations by economist was for an increase in GDP by 3.5 percent. So this small miss does not seem to be having any effect on the overall stock market. Nearly everyday the stock market indexes in the U.S. seems to either trade flat or rally higher. Last night the Asian markets were all under pressure except for the Shanghai Index which staged a tiny gain. All of the emerging markets are still facing heavy inflation and will have to likely continue to raise interest rates very soon. Higher rates in Asia and other emerging markets such as Brazil could continue to keep pressure on all commodities and commodity stocks. The SPDR Gold Trust ETF(NYSE:GLD) is trading higher at the open by just 0.15 cents to $128.08. The popular GLD has declined by 8.0 percent since peaking at $139.54 on December 7, 2010. While the GLD remains weak on the charts the ETF is still trading above it's daily 200 moving average and that is an overall sign of underlying strength and a major support level. The iPath Dow Jones-UBS Copper Subindex Total Return ETN(NYSE:JJC) is trading higher this morning by 0.98 cents to $58.42 a share. This is a copper tracking exchange traded note. The JJC is still trading above all the major moving averages at this time which signals an uptrend. Should the JJC decline traders can look at the $54 level as daily chart support. Today is a Friday and if you have been reading our posts over the past couple of years you may know that we rarely see or experience a major decline on a Friday. Friday trading sessions often end flat to slightly higher and today should not be any different. Nicholas Santiago InTheMoneyStocks.com