Super Size Me...

An interesting thing happened to the market on the way to it’s date with FOMC in the afternoon.  It seems to only occur once year, if at all.   You know what is it?.  Well, it’s called a ‘Super-Cap ’  breakout and it took place in INTC, GE  and made the FOMC almost irrelevant as long as the FED kept somewhat tight lipped. (actually were more dovish than expected).   Add the sovereign headwinds abating with Greece/ Spain in the morning news and we have a fresh SPX closing high.

So,  is the market going to be "Super Sized"  now and keep rolling to fresh highs day after day now that INTC GE broke out at their important technical levels?.    If anything this individual stock action was the “Performance Anxiety” , we alluded to the other day needed for the market to breakout and/or to at least potentially continue into month end window dressing provoking more "PA".    Of course,  we would like this to spread to other big stocks and confirm the move with volume.    But, as of tonight’s SCHW-AMTD monthly figures, you see even the retail trader is sitting on their hands with volumes down over 15-18% in Feb from Jan of this year.   Add the fact,  Asset Allocation jumped big heading into the New Year into equities from managers to over 70% and you understand there is no money left to chase (volume) this market with.    We just have to accept low volume trading is the norm going forward as it’s been from 2009......leading to a grinding higher market.