Markets shed some weight Wednesday, and possibly readying itself for a long overdue diet. Both benchmarks fell almost 1%. The Nasdaq fell back below the 3300 level, while the S&P 500 was obviously not able to eclipse the big round 1600 handle. Some individual names also gave back some excess today following earnings reports. AGN fell almost 13%, although it did find precise 200 day SMA support, after a promising drug was to be discontinued. It had been trading very tightly following a good looking 95.54 flat base trigger was taken out 1/3. IPGP lost 9%, and fell below both 50/200 day SMAs Wednesday following an ill received earnings report. Commodities sweated off some pounds as well today as both gold, copper and oil slumped. Thought QE was supposed to be inflationary. Perhaps most surprising development of the Fed statement was that they could potentially accelerate bond purchases depending on the fragility of the recovery.
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