What a day! Feels like a good baseball game where we had about six intraday lead changes and went from a near breakdown to a finish at the high. REITs are breaking out to new highs even as banks dropped. If IYR moves over $58, it may be ready to challenge its 2008 highs, as difficult as that is to believe.
Perhaps market players are hopeful that the State of the Union speech tonight will be a positive catalyst. It usually doesn’t have much impact but the new, business-friendly President Obama could ignite some buying. Will we have the typical positive action for FOMC day after some obvious front running to close the day. Usually we can expect us to be positive at open, then slowing action for most of the day until about half hour before the rate decision. The next major report will be AMZN and MSFT after close on Thursday.
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