Wednesday Market Wrap

{+++} For the day the SPX/DOW were +0.65%, and the NDX/NAZ were +1.20%. Bonds gained 14 ticks, Crude rose 75 cents, Gold added $4, and the USD was lower. Tomorrow: weekly Jobless claims and the Trade deficit at 8:30, then FED vice chair Yellen testifies before the Senate in a confirmation hearing.

The market gapped down at the open for the second day in a row. And just like yesterday it did not manage to gather much selling. In fact, today, unlike yesterday, the market started rallying right after the open. In the last hour of trading the market hit new highs and closed there.

Janet Yellen spoke late in the day and her were remarks were dovish (what a surprise), and that added fuel to the fire.

All of our stocks did well today. They either hung in there or moved a bit higher. With the market acting better, some old momentum names showed up and had good days. YY, Z, YELP, LNKD, GOOG and PCLN all were higher. TSLA and AAPL still cant get out of their own way.

Futures are up right now, so could see a big up day tomorrow.

See you in the trading room in the morning.

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