Off the Charts
If you blinked, you missed the sell-off (and the comeback) in the market. The S&P (SPY) is once again just a stone's throw away from pivot highs of 1530 as Monday's weakness has already been erased in two sessions. Today's rally came on below average volume, but that is nothing new. The major indices closed the day in the green, all gaining more than 1%.
The price action in stocks over the last two weeks could be proof that the Fed still largely drives this market. FOMC minutes last week hinted that some hawkish Fed governors want to take away the punch bowl in 2013, which weighed on the market. But all it took to reassure jittery investors this week was Chairman Ben Bernanke's Congressional testimony. The chairman reiterated his stance on QE that its risks are manageable and benefits significant, and gave no indication that the Fed is realistically thinking about ending or curtailing its controversial asset-buying program....634 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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