Market rockets higher on Fed support.......

As the famous wall street saying goes "Never fight the Feds"......

Market was tanking & losing "momentum because fed @ the last meeting said "that is IT..no more cuts...take it or leave it......so I personally observed credit situation deteriorate daily and some frilly fed members were emphatic that "no cuts are coming ...until yesterday"

So thank you Mr Kohn...for coming to the rescue of the entire economy of the world by saying credit situation "needs to be corrected as credit & housing situation has gotten worse"

This rally has "the support of fed....thus it has legs...bottom is definitely in....

Today we crossed many technical resistance in a hurry...on very high volume....

So what is the NEXT resistance points NOW

Dow.............14,000

S&P 500.....1,510

Nasdaq.......2,800

Yes...there will be MANY pullbacks along the way...but trend is UP Now !!!!

So how strong was this rally today.......check this out

Advancing volume led by 21 to 1 on NYSE on Nasdaq it was 8.5 to 1.......a very convincing snapback $$$$

In my portfolio :

AGU was the biggest superstar in my show UP $3.26..only $7+ from all-time high..they are an agricultural retailer & fertlizer producer..... wheat is among many seed they supply worldwide...

AAPL was UP $5.41 only $12+ from all-time high...Christmas is their big selling season....with iphone in many european countries plus usual ipods and Macs with new operating system leopard is flying off the shelf.......$$$$$

RIMM was UP $5.67....seller of Blacberry,Pearl & Curve ..... business is booming worldwide..$15+ from all-time high...$$$$$

LDK was UP 81 cents..but I lost 62 cents per share...thanks to TD Waterhouse online failure where I was delayed by 10 minutes in execution of sell & buy....

Many strong stocks were UP big today :

BIDU,ISRG,FSLR,STP,GOOG,MA,SOHU,LVS,WFR,VMW,JASO,AMZN.......

It pays to be in momentum stocks...which is very evident with todays "huge gains"

We may open red .....but will turn green in a hurry.....as I expect todays powerful momentum to last few days......

Please do your OWN due diligence and follow your own game plan for investing & trading.

BLOG does NOT give buy or sell.

Good luck for thursday.

Saleem