SHORT TERM: nice rally off the higher than expected first quarter GDP
Overnight the Asian markets rallied across the board, and Europe came in about 1.5% higher. Our stock indices gapped up at the open, following through on yesterdays late day rally. Around 2:15 today the FED will release it’s determination of short term interest rates, and the state of the economy. The market always acts like its expiration friday when this occurs: sudden moves in direction usually follow. If they pause, however, the DOW could be up 300 by days end. If not, we now have room for a pullback without too much damage. Watching and waiting, but a very nice rally before the FED.
INTERMEDIATE TERM: downtrend, but bottoming
LONG TERM: bullish