The markets pretty much did what traders expected before the FOMC meeting finishes up tomorrow, flatlining and ending pretty much flat. The exception was the Nasdaq, after a poor sales forecast from TXN. Besides that, the DJIA hit another all-time high.
At the close, the SP 600 led with a .2% gain, the DJIA gained .09%, the SP 500 ticked higher by .03%, and the Nasdaq led to the downside with a .46% hit. Leading stocks led with a .3% gain on the 85-85 index and the IBD 100.
Volume was higher on both the NYSE and the Nasdaq. The higher volume on the Nasdaq gives the index its third distribution day in the past four weeks. However, this can hardly be counted as a clear cut distribution day.
Breadth was positive on the NYSE by 9-to-7 margin and negative on the Nasdaq by a 3-to-2 margin.
Even with the Nasdaq suffering another distribution day, it was another weak distro day. I only ended up selling off 3 stocks today. If this market was being distributed harder I would be sending off many more. It is also hard to call this a distribution day considering it was an inside day on the index. Most distribution days will break the support of the prior day's gains. It is definitely hard to say that sellers were in control.
The ugly news is the SOX. Watching it fall 1.1% does not give me confidence that the momentum money is ready to play. I am not sure if not having the hot money in the SOX is going to hurt. But I am sure it isn't going to help either.
This is the reason, I believe, that I still don't have any stocks up 100% or more since the rally started in August. Normally, by this time, I should have one to three up over 100%. It isn't happening this time.
However, the BTK--X, is still near that all-time high and I have a lot of beautiful biotech charts. So maybe that is where the "hot" money is going.
The beautiful news on today's market is that leading stocks are still leading the market. Since it retook the lead 3 weeks ago, leading stocks have continued to outperform the indexes to the upside and lag on the downside. This is bullish action.
Despite all the earnings reports, the market is still held hostage by the FOMC. We will see what tomorrow brings. I am sure it is an unchanged decision, leaving rates at 5.25%. I will see you at Investors Paradise. Aloha!
New Swing Longs: MCRS CVA MOSS BVX BMA
New Swing Shorts: NONE
Longs Up On The Day: AKAM-210 KNOL-173 TYL-46 CXW-36 MA-42 RMTR-45 HRZ-34 MWRK-32 INPH-35 RNST-26 ININ BITS AOB HMSY FSH FTEK HEI RSTI MDCI NSTC TRAD INAP FELE ISE TCHC ICE BEBE DIVX SIMG SVNT WEBX LMT QSII PSPT KBAY EVR XING LTM DECK FORR TWGP FBNW JST BONT MVSN ROG ALXA CBF PDSN OMNI OSIP DANKY CMCSA MNG MYE AIQ VVI NWL FLEX RWT IDEV BMR NU NYMX TP
Shorts Up On The Day: MDG
Stocks On Radar Screen: NUE SCA MR MAIL TZOO LTS MTOX
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