The sharp reversal following the spike up on the Fed decision yesterday turned sentiment positive. The bears were quick to seize on the negative reaction to the dovish Fed. Overseas markets were mostly negative and U.S. markets gapped down to start the day.
Unfortunately for our long suffering ursine friends, the bulls decided it was just another good 'buy the dip' opportunity. It didn't hurt that Apple (AAPL) had a couple substantial target increases and that it is trading up over 3.0% at the moment. The other FAANG names aren't doing much, but AAPL offsets a tremendous amount of weakness.
Breadth is solid with around 4130 gainers to 2600 decliners and the new high list is robust with 170 new 12-month highs. Financials are weak again on worries about a flattening yield curve but speculators are busy with small caps (IWM) as they outperform after lagging recently.
For a few hours it looked like a macro focus was going to cause some problems for this market but the stock pickers went to work again and are producing some very solid action. The bears will have to go back to hoping and whining about the Fed.
How Much Money Will I Need to Retire?
Want to learn about retirement planning from some of the nation's top experts? Join TheStreet's Robert "Mr. Retirement" Powell live in New York on April 6 for our Retirement Strategies Symposium. For a limited time, tickets are available for $99 for this full-day event. Check out the agenda, learn about the speakers and sign up here.