"The bulls enjoyed two straight days of gains, with another strong session in the books after last week's 2% drop," observed Schaeffer's Senior Technical Strategist Ryan Detrick, CMT. "Most impressive was that small-caps had a big day under the surface, after lagging somewhat yesterday. In the end, the Russell 2000 Index (RUT) and S&P 500 Index (SPX) finished just about one good day shy of new all-time highs, and it's tough to argue with that. One of the criticisms of the recent bounce is that it has occurred on light volume. While this is 100% true, we've also heard that argument many times during the past few years, and it hasn't slowed the bull market down yet." The Dow Jones Industrial Average (DJI) traded on the positive side of the tape all day and closed back atop its 10-day moving average.
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The Dow Jones Industrial Average (DJI - 16,336.19) spent the day in the green, closing up 89 points, or 0.6%, to finish above its 10-day moving average following four sessions below this trendline. Microsoft Corporation (NASDAQ:MSFT) led the Dow's 27 advancers with a gain of 3.9%. The Boeing Company (NYSE:BA) paced the index's three decliners, shedding 1.1% on the day.
The S&P 500 Index (SPX - 1,872.25) also gained ground, closing up 13.4 points, or 0.7%. The Nasdaq Composite (COMP - 4,333.31) outperformed its index peers, tacking on 53.4 points, or 1.3%.
The CBOE Volatility Index (VIX - 14.52) continued to move lower, closing with a loss of 1.1 points, or 7.2%. This week alone, the "fear gauge" has given back 18.5%.
A Trader's Take:
"I do find it interesting that buyers have been relatively aggressive ahead of the Fed," added Detrick. "With the central bank set to announce its decision on interest rates and where quantitative easing plans are headed, be on the lookout for some volatility tomorrow afternoon."
5 Items on Our Radar Today:
For a look at today's options movers and commodities activity, head to page 2.
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