The Bulls Smoke the Bears, Inhale, and Hold It In Late Day Trade

The market got off to a good start, but heated up after the Fed statement on interest rate policy…which was left unch. The fed said the economy is expanding moderately and that oil and other commodities will push inflation higher temporarily.

Then in late day trade JPM announced they got a clean bill of health from the stress tests and was allowed by the fed to raise their dividend 20%. JPM also announced a whopping $15 billion stock buy back program and the markets took off in the last 45 minutes of trade; effectively smoking the bears.

DOW UP 220

NASDAQ UP 56

S&P UP 25

OIL UP $0.35

GOLD DOWN $28

The Clam Anthem:

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