Complete Thursday Game Plan

Markets rejoiced as the Fed kept the bond buying in place surprising many traders. Both the S&P 500 and Nasdaq rose better than 1%, the S&P 500 gained 1.2%. Volume was strong giving the move credibility. Notable earnings today came from ADBE FDX. ADBE from one of the strongest subsectors of tech, software, hit an all time high today rising 9% and taking out a 48.73 flat base pivot point in the process. FDX was up nicely before the afternoon party on a decent earnings beat. The name which has its pulse on the genuine health of the global economy is nearing an all time high of 121.40 which it hit back in the month of February of 2007. FDX is the third largest component in the IYT which hit an all time high today and closed above the round 120 handle. The two largest components UNP KSU are both building the right sides of their bases and patience is warranted there as we do not know if they take out the formations they are currently building of if they will put on handles. Interestingly enough the utilities received some love from GS today. It had its biggest single daily gain in recent memory buzzing higher by 3% ramping and moving above its 50 and 200 day SMAs. Perhaps they literally provided this market with some electricity today. Lets see how much energy that move has in the tank over the next few days. XRT is now a whisker below an 83.34 flat base trigger. We spoke about it last week as we speculated whether it would reclaim its 50 day and the round 80 handle all in one swoop. Well it did and then some. There is a lot of euphoria in the air, and that is when it pays to keep your guard up. Really up. Might be time to feed the ducks soon.