This morning I mentioned that today had the potential of being a technically significant day. Since the Fed announcement was finally behind us, the price action could reveal where the market wanted to go in the short term.
This is exactly what happened as the market and all major indices blasted higher with volume out of long consolidations.
The Russell continued to lead and broke out to new all-time highs. This time the S&P 500 followed: it gained +1% for the day, and reclaimed the 2120 level as well as the 20 and 50dmas.
This is an unmistakable price signal that the path of least resistance is now UP and we are once again in a firm uptrend. The S&P should finally be able to get to 2150 and move beyond it.
It was an extremely strong day for the portfolio as the majority of the positions made strong moves higher. Despite a few laggards (PGN as well as the TZA hedge position, which was stopped out in the morning), the portfolio advanced almost +1.4% for the day and is on the verge of its own all-time highs.
I initiated one new position, MDXG, and we were rewarded with a nice +8.5% breakout move.
Have a great evening.