Market this Wed 11/14

[ron]

mrkt jumped higher off the open thanks to subdued inflation figures and some positive commentary from BSC. Based on these data is fair to say Ben's job in terms of lowering rates will be easier, at least that's the perception....a gap higher start after substantial gains the previous session typically invites some profit taking as the mrkt takes a little breather. However, the pullback off the high has not been aggressive with mixed range trade noted into midday.

this kind of pattern implies that the bulls are not relinquishing control, holding breadth tight, as they should...after all mrkt fundamentals are on their side, why should they ?!!!!!...and leaves the door open to further rally attempts this afternoon as long as 1484 and the pullback low (1479) remain intact. Next resistance for the S&P 500 above the high (1492) is in the 1496/1497 area. The Nasdaq Comp tested and stalled at its Oct low of 2698 with a minor congestion area near 2705/2709 with a more important resistance at its 50 sma/ema at 2716/2718.....dow up 22.93, Naz +2.55 rtq.

[ron]

Fed Chairman Bernanke spoke this morning prviding some good news indicating that the Fed will be more transparent with its communications. For example, the Fed will bump up the number of economic forecasts it makes each year from two to four and will provide more information on the risks surrounding its forecast.....Dow up 11.14, Naz flat rtq.

[ron]

- weekly inventory data from the Dept. of Energy, normally scheduled for release on Wednesday, has been delayed until Thursday due to the Veterans Day holiday on Monday.
- good inflation news .... the core-Producer Price Index, which excludes food and energy, was unchanged in October. The market was expecting a 0.2% increase.

[ron]

[ron]

Dow continues to hold marginal gains going into afternoon trade, currently +30.16 Points, Naz +1.19 rtq...13,340.75 2,674.84 rspctvly.