April 29, 2009 Stock markets spiked higher early and added to the momentum after the Fed non-announcement. However, there was plenty of profit-taking from the highs of the day into the close. Typically a Fed-day yields heavy volume but that wasn’t the case today as volume remained relatively light. Breadth was extremely positive. Markets never make sense and this is when hindsight kicks-in to provide logic. You get terrible GDP data (dare we say “worse than expected”) and you’d think well, that’s it for this rally. But, the bulls still have the tape. They looked inside the numbers and spun low inventory data as bullish since businesses will have to restock. Or will they? That’s not for us to say. Furthermore, it’s the end of the month and time to get out the green ...