Technical Analysis - Close (SUMRX) : The stock market gapped higher at the start of the session amid some favorable earnings (ORCL +4.4%, NKE -1.8%) and the still positive Fed related vibe. The former stock helped the Nasdaq 100 pace the market averages higher while the latter issue plunged roughly 6% off its opening high. The indices extended the early move into midday but paused in the vicinity of Thursday's highs (Wednesday highs for Nasdaq) with a choppy consolidation between morning lows and midday highs dominating into the close. While the market tacked on impressive gains this week --Materials (XLB) and Energy (XLE) paced the way-- and staged a breakout of a multi-week trading range, outside of the five hours of trade immediately following the Fed announcement into early Wednesday, narrowly confined action was the norm. Sectors firmer today included: Steel +1.8%, Internet +1.6%, Oil Service +1.3% and Telecom +1.2%. Groups on the defensive included: Home Construction -1%, Gold -0.5%, Tobacco -0.4%, Casino -0.4% and Bank -0.4%. While further sideways to lower trade may persist into early next week, as long as Thursday's lows late are not taken out as intraday patterns suggest it is expected to be short lived.
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