It looked like the market was gonna slide into oblivion today, right up to 2:00 when the minutes from the March Fed meeting were released. The market actually dropped a bit more when the minutes first hit but within minutes the buyers came out in full force. Here’s an intraday NASDAQ chart (5-minute bars):
The rally pushed the Dow and Nasdaq back above their 200-day moving averages. Still, for all the excitement this afternoon the indices are still range-bound. The Nasdaq climbed back above 2,000 again (seems like it crosses 2,000 every day) to close right at that 2,005 level I’ve been pointing out lately. These ranges will break one of these days. Let’s see if the bulls can follow through on this afternoon…
