Major Pops In Large And Small Cap Stocks
The markets are sharply higher as they get an oversold bounce ahead of the FOMC Policy Statement. In the last two weeks, the markets have dumped over 15%. Everything from major market leaders like Caterpillar Inc. (NYSE:CAT) and Apple Inc. (NASDAQ:AAPL) to small cap runners like OXiGENE, Inc. (NASDAQ:OXGN) have been pounded but are now surging dramatically higher.
As the markets wait for the Federal Reserve policy statement, the markets are jumping. Caterpillar is trading at $85.40, +2.80 (+3.39%), Apple is trading at $368.13, +14.92 (+4.22%) and even small cap OXiGENE is higher, trading at $1.74, +0.63 (+56.76%). These gains are coming on hopes that the Federal Reserve will announce something positive and blatantly oversold bounce.
The big question facing all investors and Wall Street is whether or not the bottom is in. While volume over the last few trading days does signal a short term bottom, it is likely the longer term bottom is not in yet due to not technical signals.