The Closing Look

Stocks rallied nicely on Tuesday after the bulls showed up and defended the 50 DMA line for many important areas of the market including the benchmark S&P 500 and Dow Jones Industrial Average. Overnight, stocks rallied after Japan said it will intervene in the currency market if the “one-sided” yen continues to rally. Japan’s Finance Minister Taro Aso told Reuters that Japan is ready to take action if the Yen’s rally continues and then hurts their economy.

Gary’s Thoughts:Good action off of moving averages…but range-bound we remain. Many areas including financials off of moving averages.