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The day to day volatility continues. Yesterday the markets reversed lower after the FOMC meeting, leaving a potentially bearish outside day on the charts.

This morning that weakness is being reversed again, as the markets opened sharply higher. Strong earnings from CSCO and DIS are helping, along with the fact that the Fed paused (even though the initial reaction was to sell).

The SPX has to get above 1292 to keep this uptrend intact. My sense is it has a little more consolidating to do before it attacks that level again. And the COMP still needs to get back above its overhead 50-day.

Yields are up a bit to 4.95%. Oil and commodities are up slightly as well, while the dollar is lower (the FXE is close to new highs).

Trading volumes are likely to lighten as the month of August progresses, so it might be asking too much to see this occur this month. I kind of expect the market to remain choppy, although I sure hope I'm wrong.

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