Market Wrap

I thought today's market action was pretty constructive, considering yesterday's strength. The market pulled back slightly, and volume levels were moderate. Breadth was mildly positive and put/call ratios were neutral.

Some notable standouts included: CME, ELOS, IMGC, JAH, SOLD, and INFY just to name a few.

Tomorrow is the last day of the quarter. Normally I would expect this to bolster stocks, but we also have the FOMC meeting tomorrow. While I don't know anyone who is expecting any surprises to come out of the meeting, gaming the market's reaction is always a coin toss. Add to that the tendancy of most traders' unwillingness to make big bets ahead of a holiday weekend and I think we will have to wait until next week for the market to show its true colors.