The market was flat early as it awaited the Fed announcement. After the Fed continued on it’s current course,as expected, the major averages rallied and continued higher the rest of the session. They all closed at or near their intraday highs, a sign of strength. Volume increased across the board. This was an accumulation day on all the major averages showing that institutional players were buying stocks today. The SPY had the largest gain with an increase of .77% while the COMPQ was up by .59%. The COMPQ and the RUT both broke out of cup and handle type patterns today. Leading stocks rallied as well with the leaders index up by .21% and closing near it’s intraday highs. The index made a new high on a price basis, but was a little down on a relative strength basis. A good number of recent breakouts, such as HZNP, continued higher while stocks like STZ had fresh breakouts on the session. We have now had two accumulation days in a row and the market is shrugging off negative news like that coming out of Iraq. This usually says that the market is likely to head higher. Jerry
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