(I won't be trading today as I stand aside for the Fed decision. I'll post some charts this evening though...)
I almost fell out of my chair yesterday when I saw the market start climbing for the second day in a row. It's been quite a while since we've had a follow though day after a strong move higher. Despite the fact that yesterday's gains may have been nothing more than month-end mark-ups by fund managers the gains, especially on the Nasdaq, were impressive. The Nasdaq actually closed above its 50-day moving average. But as you know Dell stunk up the joint right after the close and brought the Nasdaq back under that important moving average.
The S&P 500 closed solidly above its 200 DMA -- something it rarely did it October. So it's suddenly looking much better than it has of late. Of course what happens this afternoon, after the Fed decision, may change the tone of these charts...
