Off the Charts

The market saw a spirited move higher after yesterday's strong close as the market rallies on fiscal cliff optimism. All sectors closed the day in the green but the oil services sector was a real standout as they closed up more than 3%. The indices also closed the day in the green with the Nasdaq closing up 1.46%, the S&P (SPY) up 1.15% and the Dow up 0.87%.  

Since the Nov. 16 reversal, the S&P has been stair-stepping higher as it reclaims its key moving averages. This was a powerful two-day move in the indices and in stocks across the board. Most of the tight patterns have triggered and extended. It is hard to chase prices after a 30-plus handle rally in the S&P so it would be prudent to sell some of your positions into strength and hold some as you maneuver hedges as we climb higher....462 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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