It was a good session all around today. The market were strong all morning before the Fed announcement. After the report the major averages sold off and got into negative territory before a strong rally into the close saw all the major averages finish at intraday highs. The COMPQ led the way with a gain of 1.30% while the SPX was up 1.18%. small and mid cap stocks outperformed with the RUT rallying 2.92%. Volume was higher across the board so it was an accumulation day. Large institutional players were buying. Leading stocks had a solid up session as well, but continue to lag the overall market in the recent rally. The leaders index gained 2.27% on lower but still well above average volume. The index closed high in it’s intraday trading range and just above the 17dma. The number of stocks in the index that are breaking down is increasing, which is a caution sign. Right now most of the action is in a small number of mega cap, mostly tech stocks that have an outsized effect on the major averages. Positions in the current market should probably be concentrated on those stocks, either directly or through ETFs. Jerry
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