Wednesday Market Wrap

{+++} For the day the SPX/DOW were +0.30%, and the NDX/NAZ were +0.25%. Bonds gained 13 ticks, Crude dropped $1.45, Gold slipped $7, and the USD was lower. Short term support is at the 1869 and 1841 pivots, with resistance at the 1901 and 1929 pivots.

Well the GDP report showed us that our economy is dead on arrival. Growth for the quarter came in at +0.1% vs. an estimate of +1.3%. You have to get up very early in the morning to screw the pooch like this. Just abysmal and pathetic. And that’s being kind.

Earnings are hit or miss still. TWTR was lousy after the close yesterday and YELP reported after the close today. Initially the stock dropped 5 in after market trading but then rallied, but since has rallied 8 points off the after market lows.

The Dow Jones made a new closing high today, but still has some work to do to get to that intraday high.

The S&P is almost at new highs.

The Russell 2000 still looks miserable and the Nasdaq has a lot of work to do.

We kick off May tomorrow. See you in the morning.

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