Markets rejoiced Wednesday with both the Nasdaq and S&P 500 gaining nearly .7%. Volume was muted. Today’s move has to be respected in the face of FDX’s 7% plunge following a disappointing earnings report. We did have some more breakouts today, as MPEL ASGN LEN took out valid triggers. MPEL and ASGN took out cup with handle pivot points of 21.39 and 25.22 respectively. LEN extended the home builders hot hand taking out a 43.32 flat base trigger following a worthy earnings report. Ben gave the bulls some ammunition this afternoon that the benchmarks relished. Further as GS downgraded miners yesterday, as they see a decline in commodity prices going forward, perhaps the fuel Bernanke needs to keep the helicopter afloat will cheapen. That could be a economic boost, putting more dollars in consumers pockets, as they save at the pump. Some energy stocks, are starting to show some wear and tear. Names like HP, down everyday this week falling 9% and undercutting its 50 day SMA in the process. The same could be said of HAL, which pierced its 50 day SMA yesterday and met resistance their today. Its down 6% this week so far.
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