The FOMC cut its GDP projection, admitted to slight increases in inflationary pressures and stated that QE2 is coming to an end in June, but the bulls took control and broke out to a new high. We closed strong and had a good jump in breadth as well. We have a straight-up move on light volume and are overbought. We have been going up for six days in a row now and maybe due a breather on a gap higher, but the major indices have consistently crushed shorts beyond a day to a few hours. There was a lot of money paused on the sidelines waiting to see what would happen today and I believe Ben cleared the way for a short term rally. A good example is SLV; silver have gone on such a wild ride, dropping 10% in two-days followed by a subsequent 5% rally today.
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