Like I said yesterday, I don't like to make too much out of the initial Fed reaction. Yesterday's action turned out to be a bear trap as the bulls came roaring back today. They were able to push the Nasdaq (of all things!) to new 5-year highs while the S&P merely regained what it lost yesterday. The key now, especially for the S&P and Dow, is to see whether they can get any follow-through on today's reversal.
Charts of the Nasdaq, S&P 500 and Apple Computer (AAPL) are below:
