The dollar index, after taking a drubbing after the FOMC announcement, refuses to drop further, and may be starting a new uptrend. Bernanke's efforts to monetize the debt either aren't working, or are a bluff which the FX markets are calling. Bernanke and Geithner are testifying before Congress, asking for new powers. I don't like the idea of giving them ne powers when they have proven they can't handle the ones they already have. They want to prevent another "too big to fail" situation, which was addressed about a century ago in the Sherman anti-trust act, a law that hasn't been enforced for years. The SEC wants to "update" the uptick rule. The old uptick rule worked just fine, thanks. If I have time today I'll go over the uptick rule for those who are new to the blog.
The market opened down today, typical for a day after a big gain. It is possible the SPX will retest 804 from above, but so far has gone down only as low as 810. Leading the pack are XLI and XLF, with XLE and XLU bringing up the rear. Crude oil is holding above the 50 level, now at 52, but will have problems if the dollar strength continues. There are 13 new highs, and several promising looking breakouts, including QSII, APAC, COMS, and HOTT, which failed a breakout attempt a few days ago and is tryng again.
RBN is reporting earnings after market close.
Charts courtesy of stockcharts.com