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Digesting The Massive Gains

The markets are trading slightly lower today, digesting last weeks massive gains on the massive stimulus the Federal Reserve continues to inject. Manipulating asset prices seems to be the new way to cure the economy, at least we have to hope so since that is the direction the Federal Reserve is taking us.  After massive gains last week, the markets are trading slightly lower on extremely light volume.  The SPDR S&P 500 ETF (NYSE:SPY) is trading at $122.10, -0.63 (-0.51%).

The Nasdaq 100 stocks are leading the charge today, with, Inc. (ADR) (NASDAQ:BIDU),, Inc. (NASDAQ:AMZN) and Apple Inc. (NASDAQ:AAPL) all higher. With these stocks higher, it is hard for any major sell off to take place.  It is said that on POMO days, (permanent open market operations) the Federal Reserve targets the Nasdaq 100 as the key to keeping the markets higher or from collapsing.

Gareth Soloway
Chief Market Strategist
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