We saw 3 separate rallies today:
1) Early morning bank rally
2) Midday announcement on Obama economy speech tomorrow
3) Move up in the last hour that brought the major indices into positive territory.
The last two rallies were broad, with participation from techs, industrials, and materials.
Volume was on the light side, indicating much of the rally came from a reluctance on the part of sellers to part with stocks, rather than intense demand for buyers.
No matter. What volume there was went almost exclusively to stocks on the upside, indicating traders were looking to pick up stocks with strong momentum.
We are only 10 or so points away from closing at the highest levels since early January, which would put the S&P 500 on a footing with the NASDAQ, which is closing today at the highest levels of the year.
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