"A market shrouded under the mystery umbrella of Greenspan and Co. gave way to certainty as the bulls roared ahead toward new highs on news that rates (for a moment) will stay in place. "
That’s not the most likely headline for tomorrow, but hey I’m an optimist. I believe that at this point, the upside potential of the market is far greater than the downside potential. With one more trading day before the Fed decision, the major indices are in decent shape as both the Dow and S&P surged off support on Friday. The Nasdaq looks a bit weaker, but all in all still looks fairly healthy. Sure, much of the volume surge on Friday could be attributed to options expiration and S&P reshuffling, but the way the market escalated higher without turning back after lunch on Friday was impressive and the confirmed breakout of the market on September 6th remains intact. We await the Fed….. but with another hurricane bearing down, the uncertainty will remain. Lets just pray that it spares the coast from another round of destruction. Until next time….