NAZ was up 34 ending it's 8 day losing steak. Stocks had a strong recovery largely in the last hour of trading. Dow ended up gaining 146 but the internals weren't great, only about 2-1 advancers over decliners. The oversold stocks I watch participated in the rally. Alcoa (AA) , up 25¢, reported excellent earnings beating estimates. Top economists from Merrill Lynch & Goldman Sachs - said the recession is already here, largely based on the report released last Fri showing a sharp jump in the unemployment rate for Dec combined with little growth.
This is what is called a technical rally, sellers gave up or maybe just covered short positions. Gold is above 880 & the Treasury bond yield is 3.79%. Tomorrow will show how much strength this rally had behind it, Alcoa earnings might help!
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