Markets ended with lukewarm gains after some customary volatility after the Fed statement this afternoon. The Nasdaq rose .2% and the S&P 500 gained .1%. Both benchmarks gave up gains better than .5% in the last hour. With the tepid gains just 2 of the major groups gained ground today, the industrials and healthcare. Hidden beneath all the Fed gibberish, two surprising moves from some recent leaders who were wounded did not make much headlines today. First SKX, a best in breed footwear play, “stubbed” its toe losing almost 8% Wednesday. Daily volume was the largest in well over a year, and points to the stocks priced to perfection stance. It was higher by more than 80% in 2014 coming into today. ADBE, a leader in the software space, which has been gaining some traction recently, disappointed after reporting earnings. It was the stocks first loss, dropping almost 5%, after releasing numbers in its last 5 reports. It gained 8.2% on 6/18, .5% on 3/18, 12.8% on 12/13/13 and rose 9.2% on 9/18/13. The move brings in the importance of volume confirming recent breakouts as it finished 4 pennies above a 73.35 double bottom pivot point on 9/8. Trade was barely half the daily average, and the stock fell 5 of the last 7 sessions. It also underscores the importance of a stocks behavior post breakout. The best ones work right away and continue to march higher. So concerns were well highlighted even before todays sell off.
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