Markets rose Wednesday inspired by the Fed and for a change the S&P 500 led the way gaining .8% to reach an all time closing high. The Nasdaq was no slouch today as it rose .6% taking out a cup with handle trigger. Both benchmarks are now higher by more than 1% this week and have gained ground everyday so far this week. Each successive day was accompanied by higher volume, a welcome sign. Every major industry group advanced Wednesday and curiously the utilities were the best performer. The sector rallied almost 2%, and the XLU is up nearly 3% this week, already ahead of average weekly trade. The day was kicked off with a very well received earnings report by FDX, an excellent economic bellwether. Surprisingly prior to todays 6.2% gain, the stock was lower YTD. The stock is now at all time highs and outperforming peer UPS which is lower by 2% YTD. UPS sports decent technicals as it currently has a cup with handle base with a pivot point of 104.40. Notice how it found solid support at its 50 day SMA, which corresponded with the round par figure. Talking about the round numbers, interestingly gold and silver both advanced as well today. One name that looks good is SLW as it enjoys a 7 days winning streak, with the last 5 coming in very active trade. All 7 days finished at the top of their daily ranges, a bullish sign. SLW is higher by 10% the last 2 weeks and almost by 5% this week and notice how it found bids at the round 20 handle 3 days in late May.
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