The market was trading slightly lower early as it awaited the Fed announcement. After the Fed said that there would be no tapering the market rallied hard. The major averages rose between 1.01% on the COMPQ and 1.53% on the NYA. The SPY was up 1.22%, just missing FTD levels. All the major averages closed at their highs of the day. Volume spiked much higher across the board and was well above average. All the major averages closed at new 52 highs and broke far above recent trading ranges. Leading stocks had a very strong day as the leaders index rose 3.63% on slightly lower but still above average volume. The index broke above the consolidation it has been in for the last week in a powerful move to new highs. The RS line of the index also went into new high ground. The rally is continuing and we have a little time before the budget and debt limit issues come to a head and another six weeks before the next Fed meeting. The market could use this time to build on it’s recent gains, so the long side is the place to be for now. Jerry
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