There was no update yesterday due to computer problems. The market opened weak today and the major averages showed some real losses. They stayed down there until the Fed announcement and then they reversed higher and rallied pretty much the rest of the session. All the major averages closed near their intraday trading highs. The Nasd averages were the weakest early but closed with larger gains. The COMPQ and the NDX gained .40% and .38% respectively. The SPX was higher by .29%. The greatest strength was in the small and mid-cap stocks as the RUT and the MID gained .79% and .64%. Volume was slightly lower across the board, according to Esignal. It fell 1.80% on the New York and 1.39% on the Nasd. Leading stocks rallied as well with the leaders index gaining 1.05% on the day. The index closed near the top of its trading range and bounced off its short term 9dma at its lows. Volume was higher. The market did a reversal today on the Fed announcement. There was weakness early but Powell said the economy was getting stronger and that there would be no rate increases or tapering of asset purchases until at least 2024. This incredibly market friendly announcement triggered a rally. It is hard for the market to really decline when there is this much liquidity out there. Between the Fed and the stimulus bill the numbers are staggering. The market really looks like it is going to go higher in the short term, but it might not be a good idea to get to aggressive. Jerry
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