Wednesday Market Wrap- New Levels To Watch



For the day the SPX/DOW were +0.70%, and the NDX/NAZ were +0.60%. Bonds gained 19 ticks, Crude slipped 10 cents, Gold added $4, and the USD was lower.  Tomorrow: weekly Jobless claims at 8:30, then the Philly FED and Leading indicators 10am.

Janet “Aunt Bea” Yellen was wonderfully dovish again and the market ripped. Basically rates will stay low until Jupiter aligns with Mars and rainbow unicorns appear.

I triggered TWTR today and issued an email. I mentioned TWTR, RARE and JPM last night, not as P&L buys, but names to watch. Well RARE popped about 15% today. Maybe you grabbed a little.

The action in TWTR looked pretty good, so I formally added it.

JAZZ acted very well today and PQ traded trough $7 on good volume. LO also had a nice day and I sold 1/4.


Short term support rises to the 1956 and 1929, with resistance at 1973 and 2019. Short term momentum ended the day quite overbought. As you know things can stay overbought.

Unless something unforeseen happens, it does look like we are setting up for a performance chasing, window dressing rally into month end.

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