Despite a decent close and some green on the screen, the overall action in the markets today was meaningless as volume was anemic and it was clear that no real buying or selling was taking place. Every major sector finished in the green and breadth improved to end the day almost 2 to 1 positive.
While the broad market action was mundane, we saw decent movement in some of our small earnings winners, which hints at the fact that the more aggressive traders are starting to wade back into the market and seek out solid stocks that have been thrown out with the poor.
We kept our time frames very short today and used the early strength to pare back some winners and outside of some nibbles of core holdings, sat idle most of the day.
While we may climb a small wall of worry ahead of Thursdays FOMC meeting, we cant imagine seeing any grandiose moves until this is out of the way.
Enjoy a relaxing evening and we'll see you back here tomorrow.
RevShark