The bulls came into July stuck in a trading range but have won back-to-back weeks while Wall Street vacations. The previous Friday’s convincing close above the 50-day MA’s (moving averages) was a good clue a test to higher levels would come if the bulls got off to a good start for the week. They did as the market climbed for the second-straight Monday and into Tuesday with Wednesday’s FOMC minutes on deck.
The meeting minutes were a dude although the market did get a little juiced before finishing lower. However, the bulls saved their Ace and played it after the close as Ben Bernanke ignited a fire in the after-hours and global markets after promising quantitative easing (QE) forever! Well, not really, but he did say the Fed would be highly accommodative for the foreseeable future.
Thursday’s push to new highs caught a ton of traders short off guard as many were betting on a pullback and needed a wambulance as they covered their shorts. Friday’s action was flat for much of the day before some late day buying pushed the indexes into the green ahead of the close. (read more…
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