For the day the SPX/DOW were +1.75%, and the NDX/NAZ were +1.15%. Bonds lost 12 ticks, Crude rose 45 cents, Gold slid $10, and the USD was higher.
Trading Range:
Short term support is still at the 1779 level and SPX 1746, with resistance at SPX 1814 and the 1828 level.
Things ripped today as the Fed curtailed bond purchases by only 10 billion from their 85 B a month program. Comments were dovish as Bernanke basically said he (Janet too) will be there with the machine should ever the market need it. He also said rates probably wont get raised until the moon aligns with Mars and pigs fly. At least 2015. Ben made it clear that if things get iffy, the Fed will be there. This isn’t how the market used to work, but I guess its the new normal.
Shorts got squeezed and things heated up big time.
ANAC & NLNK triggered today. They were the last two names that needed to trigger on our list.
Here were some of the many dollar gainers today. Wow, some of these moves were nuts.
Here were some dollar losers
Hope you had a good day. See you in the morning.
Joe