The Fed inspired rally continued yesterday as the major averages rose between .4% and .9% on the day. Volume rose dramatically across the board and was well above average on both exchanges. The breakout from cup and handle formations on all the major averages continued and we are at multi year highs. Leading stocks participated in the day's move as the leaders index rose .38% on higher and above average volume. The index made a new price high and is riding it's 9dma higher, a healthy sign. Breakouts are working and the major averages are strong. We may be a little overbought on a short term basis as you can see by the fact that the %E's are 3.62% and have been below 4% for a week, but this might point to a minor short term decline or consolidation. The rally looks solid and appears like it has more to run before it's over. Jerry
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