Markets Rise and Pullback From Highs

DJIA + 66.20, +0.52% SP500 + 5.62, +0.40% NASDAQ Comp. + 1.58, +0.06% Russell 2000 - 0.78, -0.11% Today’s price action was almost a picture perfect inverse of Tuesday’s price action. Look at Wednesday’s candle compared with Tuesday’s on all four indices. Wednesday’s candle has an upper shadow while Tuesday’s candle has a lower shadow, both very similar in size. Also on Tuesday the Nasdaq and Russell 2000 were stronger with the DJIA and S&P weaker. It was the opposite on Wednesday with the Nasdaq and Russell weaker and the Dow and S&P were stronger. That being said all four indices had a higher low and higher high today. Obviously with the S&P, Nasdaq and Russell closing near the low end of their daily range and the DJIA closing just below today’s mid-point, we could be seeing the beginning of a short-term pullback. We’ll wait to see if markets hold and bounce in the morning or begin to move lower. Also remember Friday is options expiration and often we see extra price volatility without a change in trend. Our trend rating is still up. Today’s Action Moving Up STRA, FSLR, MON, NKE, POT, GRMN, IBM, DRYS Moving Down BIDU, MTL, AAPL, CNX, CLF, MA, RIMM, DECK, MEE, SCHN, SOHU, X, NUE, PCLN, FWLT, CF Intermediate Term Market Trend: Up Short Term Market Trend: Up