The Rally Resumes

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Information about The Rally Resumes

Published on February 15, 2014

Author: Equitymaven



A commentary on last week's financial markets with emphasis on technical and inter-market analysis of different asset classes

Janet Yellen's first appearance before Congress on Tuesday morning was the catalyst for this week's 2.32% gain in the S&P 500 as well as many of the other major indices. The Russell 2000 surged 2.92% on the week while the Wilshire 5000 which is the total US stock market finished at 2.41% It's not as though Ms. Yellen said anything that anyone didn't know already but the market was soothed by validation of the continuity that was taking place at the Federal Reserve as the Bernanke/Yellen policy transition appears seamless. The market ignored a spate of absolutely ugly economic reports, from new car and home sales to industrial production as the popular interpretation of said poor reports was that the frigid weather in December and January kept a good percentage of the nation house bound. I tend to agree with these opinions as it would probably not be a good idea in fifty degree below zero weather in Chicago and go house hunting or shopping for a car. Stocks took off on Monday and never looked back. Here's an update of the S&P 500 as of Friday's close: (click on chart for larger image) For those who read last week's commentary I posed a thesis on a possible "Head and Shoulders" top on the S&P which I have still outlined on the chart above. I was challenged on Twitter this week by someone who obviously did not read my commentary that I made an incorrect call on market direction. I emphasized here that the thesis was a speculation; that without a "right shoulder" there was no pattern and that the S&P could just as well march to new all-time highs. To read further please go to this link:

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