Closing market comments 04-09-2014

Major U.S. market indexes opened slightly up this morning,  they then surged mid-session and closed sharply higher with average more than 1% gain. Fed's last meeting minutes showed several Fed officials said the expectation on pace of rising interest rates is overdone. This news release led to mid-session stock market rally as investors were relieved that interest rate will rise later than earlier. Both NASDAQ and Russell 2000 Index rebounded today for the second day, and have recovered above their 100 day moving averages. Their next resistances are 50-day moving averages at 4223 and 1164 respectively. Blue-chip indexes, the Dow and the S & P 500 may have another opportunity to challenge  new highs in the near future. Their historical high resistances are 16632 and 1898 respectively. The stock market may be up again tomorrow, it may then be stopped by  the above mentioned resistances. Russell 2000 is only less than 5 points away from its 50 day moving average and would be the first one to hit resistance. Today's strong sectors are biotech IBB, social media SOCL, internet FDN and solar energy TAN and their representing stocks are VRTX, FB,YHOO and SCTY.