By Markus Heitkoetter
Today all eyes were on the Fed. With today’s FOMC Statement the Fed announced another $10 billion bond buyback and suggested that economic activity has picked up.
However, without any real surprises or major wording changes in the statement, the markets hardly seemed to notice. With the Fed Statement out of the way the markets slowly grind higher. Although it wasn’t an impressive move, it was enough for the DOW to finish the day with a new all-time high.
The DOW ended the session 45 points higher and is back in positive territory for the year.
The S&P ended the day up 5.5 points.
Today’s -1.66% sell-off in Crude Oil (CL) triggered a Power Crossover Method Sell Signal at 100.32. With a nice dip below the $100 a barrel mark, we’ll see how far CL can move. Using the Average Daily Range Power Crossover exits, we’re looking for a $97.04 target.