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Reading The Market

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Stocks surged higher Wednesday, rising almost one percent before sliding to break even by mid-afternoon. What happened?

The fact that we're trading somewhat flat is a victory, says Jon Najarian on CNBC’s Closing Bell. Any kind of turnaround will take us several days.

How does the Fed’s rescue package impact further rate cuts?

I think it could reduce the rate cut next week, replies Jon. If I were a member of the Fed I’d take it off the table completely. Personally, I’d prefer to see the Fed lead rather than react to the stock market and bond market.

How are you trading?

I see unusual activity in the United States Oil Fund . Options action suggests to me that it might be time to short this fund because crude might soon come under pressure.

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