END OF THE DAY

As expected, the Fed trading day found stocks all over the map but closing near their highs.
Was there ever a doubt?

Sectors shining the brightest included internets on the heels of the bullish AMZN news, OIH, on the heels of higher crude and lower inventories, Semis, on the heels of good news from KLAC, and metals on the heels of higher prices for GOLD and SILVER. Other winning sectors included tech, GOOG, trannies, drugs and consumers. To the downside, retail and airlines.

Market internals flipped back to the morning highs as NYSE was +1,100 and NAZ +400 and the bull market looks intact as the buy the dip in bull markets continues to be the trade.

It has obviously been a great week for the oil service group and HAL is up another 6.5% while the OIH is back to 138. Also a new all time high for XOM over 71 as they seem to be printing money faster than Hank at Treasury.

The VXO back at 10.4 so we probably are nearing the end of the rally on a short term basis. Of course the low Volatility indexes haven't signaled anything lately but higher prices so who knows how low the index can go.

On a final note, congratulations to Kurt Cobain for being named the highest earning dead guy. Congrats to Courtney too.