More chop today but what else is new? The Dow, which has been especially helter skelter since the Fed decision, seems to have a magnetic attraction to 11,150. It needs to stay above that level (area) to keep its breakout intact. The S&P is also not far from invalidating its breakout. Can month-end mark-ups save [...]

Like I said yesterday, I don’t like to make too much out of the initial Fed reaction. Yesterday’s action turned out to be a bear trap as the bulls came roaring back today. They were able to push the Nasdaq (of all things!) to new 5-year highs while the S&P merely regained what it lost [...]