The market put in an overall positive session today. The major averages opened mixed and mostly traded sideways until the Fed announcement. A rally after the announcement saw all the major averages finish high in their intraday trading ranges. The COMPQ and the NDX gained .33% and .42% respectively. The SPX was higher by .67%. Volume was higher across the board. Leading stocks were strong on the day. The leaders index gained 1.13% on the session. The index closed high in its trading range on higher and above average volume. The index also recovered it’s 50dma. The market traded mostly little changed until the Fed announcement. The market seemed to like the announcement and the news conference. The major averages showed moderate gains, but it was stronger under the surface. Market internals were strong and the unweighted ETFs of the major averages were stronger than the overall market. Leading stocks also had a good day. ORCL disappointed after the close but futures are pretty close to unchanged, as of this writing. The rally looks like it is on solid ground right now and hopefully will be through the end of the year. Jerry
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