Solid, wide range reversal day, but volume was disappointing (especially notable on the QQQQ). We gapped up and closed on the highs of the day. The FED statement seemed to help although the entire session was bullish on lower oil and better than expected ISM. We do have a lot of resistance just ahead including July highs and 50 DMA just above.Leadership today was provided by transports (airlines and trucking on lower oil), banks/financials, retail, casinos. Laggards were gold, oil and coal.
Crude inventories tomorrow at 10:35. This could be a very important number as oil is testing significant support, as are energy related plays such as coal.
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