Off the Charts
The market soared to new highs after the Fed announcement this afternoon. The Fed delivered even more than what market participants were expecting today as it announced an open-ended QE 3 that will consist of $40 billion in purchases of mortgage-backed securities every month until the employment picture improves. Stocks and commodities responded very positively, with all indices finishing the day up around 1.5%.
There has been a lot to like in this market, as there has been something for everyone. High-beta momentum stocks are moving nicely, and even laggard stocks are catching a bid. Yesterday it was stated, "The S&P 500 is looking strong as it flags above the prior breakout of 1422-1426." At about 12:30 p.m. today, the market broke out of the flag pattern and ignited an afternoon rally to close at new 52-week highs....630 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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