© 2018
Stocks opened higher on Wednesday followed by range bound
trading until Fed Chairman Powell indicated that interest rates were just below
neutral reflecting a more dovish tone.
Stock blasted off at noon ET and kept rising into the close. Some market
observers are now indicating the Fed will only raise rates once in 2019.
The DJIA, closed up 617 points at 25,366, led by strength in BA, UNH,
AAPL, CAT and V. This is the first close above 25,000 since Nov 19.
Ten of eleven sectors were higher on Wednesday, led by technology XLK +3.50% and discretionary XLY +2.95%.
SPY up 6.18 at 274.58 on 127.6 million
shares, 12% above average volume. Up on higher volume.
VIX down .53 at 18.49
Oil down 1.78 at 50.31
TLT down .56 at 114.45 on 7.8 million shares.
CAT +4.95%, BA +4.86%, led the DJIA, 29 advancers, +8
CRM +10.27%, AA +7.73% and ABMD +6.77%, led the SPX.
ADBE +7.30%, ALGN +6.74%, AMZN +6.09%, and NFLX +6.01% led
the NDX.
Long term up
trend intact. 3-day short term trend is up.
Up: QQQ, DIA,
IWM, SPY,
Down:
Breadth strengthened
on Wednesday, as advancers led 2,359 to 585 on the NYSE and
led 2,383 to 666 on the NASDAQ
The SPY
MFC green line is pointed up at 35 and is short-term
bullish.
Uptrend sectors: XLRE, XLU, XLP,
Neutral sectors:
XLV, XLF, XLB, XLY, XLI,
Down trend sectors: XLE,
XLC, XLK,
The 6-month intermediate
trend is sideways. The ten-day trend is up.
3-month Intermediate Term Market Trend: Down
3-day Short Term Market Trend: Up
92 of 100 NDX stocks closed higher on Wednesday.
76
NDX stocks are above their 30
DMA. SBUX, WBA, TSLA, PEP, XLNX,
CMCSA, INTC, AAL, FOXA, MDLZ, ULTA, MNST, SYMC, FAST, MCHP, MYL, VRSK, CTXS,
XRAY, ADI, MAR, NXPI, MXIM, NTES, AMAT, HOLX, KLAC, PAYX, PCAR, AVGO, CSX,
CTAS, ORLY, VOD, WDAY, ADP, ADSK, AMGN, CSCO, HSIC, ILMN,
INCY, LBTYA, LRCX, MELI, SIRI, TXN, WYNN, ALXN, CHTR, MSFT, VRTX, WDC,
NDX Stocks to Watch on Thursday:
Moving Above 30 DMA = 22
ADBE, AMZN, ASML, BIDU, BKNG, BMRN,
CDNS, CHKP, COST, CTSH, EBAY, EXPE, FISV, GOOGL, HAS, ISRG, JBHT, MU, PYPL,
REGN, SNPS, TMUS,
Moving Below 30 DMA = 2
LBTYA, WDC,
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