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Traders Expect Sell-Off Into Rally

Stocks started strong, on renewed expectations that a bill will be passed in the House later this week.

We moved a bit higher at 10 am ET as consumer sentiment came in stronger than expected (higher than in many months, in fact), the moved up again a few minutes later as Senate Minority Leader Mitch McConnell said the Senate expected to pass rescue legislation this week.

Financials are particularly strong; the Bank Index (BKX), a basket of large bank stocks, down 21 percent yesterday, has already gained back nearly 50 percent of its losses.

Still, volume is very light due to the Jewish holidays, and most traders still expect some attempt to sell into the rally.

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