Wednesday was Fed interest rate decision day. The overseas market on Wednesday built on their Tuesday gains, however US futures were subdued early morning and in early trading stocks opened lower from the massive gains from earlier day. The market came off low by 10.30 and went sideways till Fed rate decision.
Fed cut rate by half a point. This news was priced in to the market. The rally on Tuesday was in anticipation of this cut. Initial reaction was negative. Then the market attempted a rally. It seemed like we will close positive and then things just went crazy. In 10-12 minutes the Index dropped 400 points.
Market Monitor 4% breakout ratio for the day is 758/235. Which indicates very good buying pressure. Unlike last bounce, this bounce has much better breadth. That is a encouraging sign. At this stage market is focused on beaten down stocks. Stocks from bottom twenty sector with more than 50% drop from six month high had some of the best moves today. The casino sector stocks like MGM,LVS, PNK , PENN, etc had very big one day moves.
Stocks moving on above average volume on Wednesday:
Apollo Group Inc Cl A,APOL (Google Yahoo Earnings Chart)
Aerovironment Inc,AVAV (Google Yahoo Earnings Chart)
Avalon Pharmaceuticals Inc,AVRX (Google Yahoo Earnings Chart)
Black Box Corp,BBOX (Google Yahoo Earnings Chart)
Chimera Investment,CIM (Google Yahoo Earnings Chart)
Carmike Cinemas,CKEC (Google Yahoo Earnings Chart)
Clearwire Corp Cl A,CLWR (Google Yahoo Earnings Chart)
Capital Trust Inc Md,CT (Google Yahoo Earnings Chart)
ProShares Ultra Oil & Gas ETF,DIG (Google Yahoo Earnings Chart)
Empire Resources,ERS (Google Yahoo Earnings Chart)
Fmc Corp,FMC (Google Yahoo Earnings Chart)
Homex Development Corp,HXM (Google Yahoo Earnings Chart)
Icon Plc Ads,ICLR (Google Yahoo Earnings Chart)
Idt Corp,IDT.C (Google Yahoo Earnings Chart)
Kendle Internat Inc,KNDL (Google Yahoo Earnings Chart)
Las Vegas Sands,LVS (Google Yahoo Earnings Chart)
Midway Gold Corp,MDW (Google Yahoo Earnings Chart)
MGM MIRAGE Inc,MGM (Google Yahoo Earnings Chart)
Mgic Investments Corp,MTG (Google Yahoo Earnings Chart)
Meritage Homes Corp,MTH (Google Yahoo Earnings Chart)
Newtek Business Services Inc,NEWT (Google Yahoo Earnings Chart)
New Gold Inc,NGD (Google Yahoo Earnings Chart)
Northwest Pipe Co,NWPX (Google Yahoo Earnings Chart)
Pmi Group Inc. The,PMI (Google Yahoo Earnings Chart)
Parexel Internat Cp,PRXL (Google Yahoo Earnings Chart)
Power-One Inc,PWER (Google Yahoo Earnings Chart)
Ritchie Bros Auctioneers,RBA (Google Yahoo Earnings Chart)
Royal Dutch Shell plc Class B ADR,RDS.B (Google Yahoo Earnings Chart)
Clamore/Raymond James SB-1 Equity Fund,RYJ (Google Yahoo Earnings Chart)
Spectrum Pharm Inc,SPPI (Google Yahoo Earnings Chart)
Seaspan Corp,SSW (Google Yahoo Earnings Chart)
Savient Pharmaceuticals Inc,SVNT (Google Yahoo Earnings Chart)
Tessera Technologies Inc,TSRA (Google Yahoo Earnings Chart)
Uranerz Energy Corp,URZ (Google Yahoo Earnings Chart)
ProShares Ultra Basic Materials ETF,UYM (Google Yahoo Earnings Chart)
Viacom Inc Class A,VIA (Google Yahoo Earnings Chart)
Wright Medical,WMGI (Google Yahoo Earnings Chart)
Widepoint Corp,WYY (Google Yahoo Earnings Chart)
Dentsply Internat Inc,XRAY (Google Yahoo Earnings Chart)
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