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Technicals Leading S&P 'Pop'

S&P 500 rallies in a thin tape....the S&P 500 and its corresponding ETF popped about 6 points about 11:45 AM ET. Volume and price moved up just as the index hit 990, which was where it closed yesterday, so technicals are likely a factor.

Traders also note that the Dollar Indexhas had one of its worst days in a while, which is helping commodity stocks.

Speaking of commodities, oil has been strong all morning as the weekly oil inventory levels showed a drawdown, rather than a build as expected. Energy stocks lead the tape.

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