The indices had a volatile session, particularly in the afternoon after the FOMC made their announcement.  But the day started off with a bang at the get-go, with a very strong rally that saw the Nasdaq 100 run from 1594 to 1625 inside the first 1-1 1/2 hours.  The S&P 500 at that point ran from 993 to 1008.  They spent the next couple hours backing and filling and consolidating, rolled over after the FOMC announcement,  and then snapped back after holding secondary support sharply. It appeared there was massive short covering as the indices gapped up intraday.  After another 45 minutes of consolidation, they failed to break out, and in the last 20 minutes rolled over sharply to take back a big chunk of the gains.

Still, net on the day the Dow was up 120 to 9361.61, after reaching as high as 9424 and change.  The S&P 500 closed at 1005.81, up 11.46, but had a 1012.78 high earlier, and the Nasdaq 100 was 15 points off its high at 1619.59, but still up 24.90 today.

The technicals were positive by a little less than 3 to 1 on advance-declines on New York and 2 1/2 to 1 on Nasdaq.   Up/down volume was 4 1/2 to 1 positive on New York on total volume of under 1.2 billion.  Nasdaq traded over 2.1 billion and had a 5 to 1 positive volume ratio.

TheTechTrader.com board was mostly higher as a result of today’s positive action.  Leading the way was Goldman Sachs ( ), up 4.54 to 163.76.  The Direxion Financial Bull 3x Shares (FAS) gained 3.61 to 71.15.

Potash ( ) advanced 1.05 to 95.02, and Mosaic ( ) 1.12 at 53.04, Former portfolio position OncoGenex Pharmaceuticals ( ) jumped 1 to 30.63.