Standout Day

The bears could not have been happy today. It looked like they might be gaining some traction when the market slid into the red early on. But a late day surge, after the FOMC minutes were released, led to a huge positive turnaround.

The minutes of the FOMC meeting gave further hints that the Fed is likely closer to the end of its rate hike cycle. That is very positive for the financial markets, and the stock market took notice.

Volume accelerated today, making for a solid accumulation day. Breadth was also very strong on the NYSE, with the A/D line up big and a nice snapback in the Hi/Lo index. I think the volume trend today was such that this should not just be a one-day wonder.

Have a great night--