Off the Charts

The market spun its tires in the afternoon yesterday following the Fed minutes, but futures took off after hours following a very dovish Q&A session from Chairman Ben Bernanke at the NBER conference in Boston. Those gains held through this morning, and the market had no intention of giving them back during the session. The S&P and Dow made new all-time closing highs, finishing up 1.36% and 1.11%, respectively, while the Nasdaq gained 1.63%.

Suffice to say, the market has seen an impressive comeback from the June 24 low of 1560. When the bounce began, people chalked it up to end of quarter window dressing. When it continued with a series of gaps, people said the rally had no validity without intraday momentum. But now here we are. Price action will always be king....540 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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