Markets closed off the highs Tuesday, but both the Nasdaq and S&P 500 finished higher by about .5%. Volume was energetic. Breakouts, necessary for any market to continue to rally, were recorded today. FMX roared through a 115.55 flat base trigger, and CBST kept the pharma/biotech euphoria going took out a 48.41 cup with handle trigger on firm trade. Many others took out triggers on weak volume, but can be confirmed in the coming days which is not at all unusual. They include CMCSA taking out a 42.10 flat base pivot point, and LIFE going through a cup with handle trigger of 65.60. Interesting Tuesday was the action the tape told us today, following Atlanta Fed president Dennis Lockhart disclosure that Helicopter Ben may ease off the accelerator with QE, later in the year. Slowing purchases did not spook the market too much, and perhaps traders took the glass half full philosophy that governments may becoming more fiscally responsible. This ongoing “most hated rally” in some time persists, and may be empowered, by those who were hurt in ’08, and abandoned the buy and hold philosophy.
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