Homebuilders Look Sturdy
Price and volume in the major averages has been terrific since the Nasdaq confirmed a new uptrend on Friday with its 1.3% gain in higher volume. Several growth names have broken out to new highs in good volume and plenty more are setting up bullishly. Overall, the market remains strong. It's making a good case that it wants to go higher.
The wild card, of course, is the two-day Fed meeting, which concludes today. The policy statement will be out at 12:30 p.m. EDT. Wall Street is optimistic that the Federal Open Market Committee (FOMC) will announce additional steps to stimulate the economy further. What's likely is an extension of Operation Twist where it sells at the short end and buys at the long end to keep long-term interest rates low. Or, the Fed might not do anything and continue with its wait-and-see attitude....437 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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