With a Fed meeting on Tuesday, stocks started the week on a positive note for the bulls. The Dow Jones Industrial Average hit another all-time high and the SP 500 hit levels not seen since February 2001.
When all was said and done, the Dow Jones Industrial Average led the way with a .95% gain, the SP 500 rose .62%, the Nasdaq rallied .57%, and the SP 600 gained .23%. Oddly, even with smaller stocks doing worse than bigger stocks, the IBD 100 led all indexes with a 1.1% gain.
Volume was lower on the NYSE and the Nasdaq, ahead of the Fed meeting. Breadth was positive on the NYSE by a 9-to-7 margin and was basically even on the Nasdaq.
The best news I see today is that leading stocks led the market today. I see plenty of positive action in individual charts of the current IBD 100 and IBD 85-85 indexes.
The worst news I see today is the poor breadth in the overall market that had such good gains today. The fact that the Semiconductor, SP 600, and speculative stocks did so poorly shows that momentum money is on the sidelines waiting.
In my opinion, even with the big gains in the DJIA and the IBD 100, today was a wash with it favoring the bulls due to prices being up for the day. It’s hard to argue, with hard facts. With the trend still up, that is the side of the market I will operate on.
There sure wasn’t much else going on today. Except the talk about the FOMC meeting where rates should be left unchanged, it was a pretty dull day. Another fact that will be unchanged is the volatility of the markets during and after the announcement. Another fact is that volume will be quieter leading up to the announcement and much higher afterwards. With this kind of detailed insight, I am not sure where you can go wrong (saying this rolling my eyes).
I will see you tomorrow at Investors Paradise. TONS and TONS of information by me and other smart professional traders is posted constantly throughout the day there. If you only read this commentary and glance at my longs you are only getting a small portion of the whole package. I am online over 12-16 hours a day. The entire time I am at Investors Paradise. Do you want to know more about the longs? Do you want to get more info from my brief commentaries? Then Investors Paradise is where you will find this professional investor. Aloha and pray for big surf!!
New Swing Longs: HRT IAAC NGA AFT
New Swing Shorts: NONE
Longs Up On The Day (low vol non-IBD excluded): CTCM-46 CPA-30 CHINA-33 HIS-78 HRZ-30 SYKE-44 INWK-33 TYL-45 UAHC-27 STEC-33 MEH-26 BEAS DIVX EVR FTEK BEBE AHS LWAY JST BONT LINTA KBAY MVSN DKS NSTC LMT IIVI DIOD SEIC DECK SIMO TIBX BMC HCSG PRFT ICE FSH QSII FORR ORB ???? DJO IMKTA RSTI VARI ISE TRAK OMTR AWH CBF MSLV CCOI OSIP KFT HB CMCSA MOS REGN ICE TTEC NOC IDEV AYE ETR ILC
Shorts Up On The Day: HYDL-18 ASA SM MDG
Cover Shorts Completely: DDE ARLP
Stocks On Radar Screen: FRG GHDX ITNM BEN CAN NWK
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