10am update - time for some QE-pomo

The main market has opened with moderate declines, but we're already seeing a turn back upward. With a very large QE-pomo of $4bn or so, bears have a real problem today. Hourly index charts are offering potential upside all the way into the weekend.


sp'60min

Summary

I'd refer anyone to the MACD (blue bar histogram), which is very low on the cycle, and we're most certainly due another up wave.

With the QE this morning, I have to believe the market will battle back into the sp'1690s, a close in the 1700s is even in range.

Notable movers... FB, BIDU, CROX
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