What a difference a day makes. Benchmarks roared recapturing all of Tuesdays losses and then some as the Nasdaq led the way with a 1.9% gain. The S&P 50o jumped 1.7% and both indexes recorded bullish outside days. Volume backed up the Fed inspired move this afternoon as they announced rate hikes will not resume until the economy strengthens, which means probably never. Does not really matter what group we discussing but when you say the worst performing sector Wednesday was energy and it gained almost .8% you get the idea just how powerful todays session was. Even gold shares flew today as no one was left outside the party. GOLD a best in breed gold play flew higher by almost 6% in more than double active volume today. Guess todays action at least for a day has dispelled the notion that the names are an inflation hedge. The real winners today however were the healthcare names. As a whole they advanced more than 2%. Notice how tight the XLV has traded the last 6 weeks with either a 63 of 64 handle for a weekly close. The biotechs really came to life to save that ETF Wednesday as it enjoyed nice snug 50 day SMA support through the recent turmoil. Big heavyweights in the group like GILD CELG AMGN ABBV all did exactly the same thing bouncing off almost precise 50 day SMA support in firm volume, exactly the type of technical action you like to see.

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