Mid-morning market comment 02-18-2014

Pacific Time 8:45AM:

U.S. stocks opened lower this morning then bounced. Major indices have now turned positive. Bank of Japan announced additional easing efforts led to Nikkei's surge of more than 3% which provides positive help to the U.S. stock market . After the Dow corrected down about 7% from its high from early January to early February, a strong two-week rebound helped it recovered above its 50 days MA at 16100 level. Market correction  is completed, the chance of making  new high is good. Dow is  about 430 points from its high of 16,588 , the S & P 500 is only 9 points from its high of 1851 while the Nasdaq has already hit a new 13 1/2 year high . As for today, the market may consolidate within a narrow range.  The FOMC meeting minutes will be released tomorrow and that may be the trigger for the market to rise again.

Major Asian markets closed mixed, Shanghai -0.77%，Japan +3.13%， Hong Kong+0.23%.
Manor European markets closed mixed, Germany +0.13% , United Kingdom +0.99% , France -0.01%.

10 year Treasury yield fell to 2.718%. Gold rose $ 3.70 to $ 1,322.40 an ounce. Crude oil is up 1.58 to $101.87 per barrel.