BB & The Band-The Thrill Is Gone? $SPY $QQQ $IWM $DIA

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The market took a giant pause-ok-poetic license-with inside days (when the range of the day is literally inside the range of the day prior) in the S&P 500, NASDAQ and Russell 2000s. The Dow nearly had one, but took out Monday’s highs by a few cents midday then retreated. In other words, the market did exactly as one would expect the day before the ever so important-as if they all haven’t been-FED policy meeting. One can easily deduce from this week’s strong action and impressive comeback from the near abyss that many predicted would happen after Monday’s sell off in NASDAQ-that the market anticipates perhaps some easing of bond buying, but nothing too catastrophic. Take it away BB and the band-we’re in your hands!

S&P 500 (SPY) Inside day low volume after gap higher Monday. OOHHH a perfect storm either way

Russell 2000 (IWM) Even more perfect-an inside day near the new highs!

Dow (DIA) Not as perfect, but still quite clear on what to do considering the gap higher Monday, tight trading range Tuesday.

Nasdaq (QQQ) Inside day and not as nasty looking anymore

ETFs:

XLF (Financials) Confirmed phase change back to bullish provided the 50 DMA holds up

SMH (Semiconductors) New high close for 2013 again-Semis-yay!! Texas Instruments is trading higher than it has since May 2001!

XRT (Retail) Pulling away from the 50 DMA

IYT (Transportation) Possible double top-but only a possibility at this point-big earnings tomorrow before the open in Federal Express.

IBB (Biotechnology) Then there’s this-yet another new high close

IYR (Real Estate) Inside day. Has a chance to clear the 50 DMA. Rates will impact this for sure

XHB (Homebuilders) 30.00 would be good to hold

GLDWith all its pressure, the island bottom from June remains intact

USO (US Oil Fund) Unconfirmed phase change to warning

OIH (Oil Services)Steadily rising

XLE (Energy) Inside day with 84.00 pivotal

XOP (Oil and Gas Exploration) Nasty reversal nada mas-now looking real strong

TBT (Ultrashort Lehman 20+ Year Treasuries) Drum roll please..

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