Stocks Get Smacked on A Busy Wednesday

For the most part, the major averages and leading stocks are pausing to digest their recent gains as investors make their way through the latest round of economic and earnings data. Until a clear picture can be formed as to how companies fared last quarter, one could easily expect to see more of this sideways action to continue. The market just began its 46th week since the March lows and the rally remains intact as long as the major averages continue trading above their respective 50-day moving average (DMA) lines. Trade accordingly.