Both the Dow and S&P surged higher Wednesday with chatter on Wall Street suggesting stocks may have put in a bottom.
Looking at fundamentals, bullish sentiment was triggered by new data which showed China's manufacturing sector staged a rebound in August and Australia's economy grew at the fastest pace in three years in the second quarter.
And perhaps even more bullish, instead of an expected decline in the ISM number here in the US, the data showed factory output increased.
Ontop of that copper hit its highest level in more than four months. Copper is sometimes called "Dr. Copper" due to its ability to diagnose the state of the economy as well as the ebb and flow of the equity markets.
And looking at the technicals, the S&P closed above its 14-day moving average for the first time since Aug. 11 leading to speculation that 1,068 could be a new level of support.
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Instant Insights with the Fast Money traders
It sure feels like a bottom to me, says OptionMonster Jon Najarian. Coming out of Labor Day with all the political winds blowing in the ‘right’ direction I believe we rally into the fall.