Rebound day

Encouraging tech forecasts (especially IBM) lifted the markets. Dow rose 279, advancers over decliners 3½-1 & NAZ was up 66. The 8K floor has held for the Dow over 3 months.


Dow Jones Industrials --- 3 months





Oversold banks led the charge up as S&P 500 FINANCIALS INDEX rose off its low yesterday but couldn't take out the prior Nov low of 125:

Value 124.16

Change 15.83

% Change 14.6%

Helping the index, execs at Bank of America (BAC) bought a lot of BAC stock yesterday at 6, always an encouraging sign. The stock soared 31%. Another way to look at, it went up $1.58.

•Bank of America Soars After Lewis, Five Directors Disclose Share Purchases


The Alerian MLP Index bounced again off its 190 floor. MLPs continue to outperform the averages in 2009, flatish after the first day pop:


Alerian MLP Index --- YTD




The Dow Jones REIT Index popped 11% off yesterday's low while junk bonds were up, mostly around 1%. Meanwhile the VIX pulled back 10 on lower market worries.


The near term contract for oil is now March & it had a very good day on the optimism seen in the stock markets.

CLH09.NYM

..Crude Oil Mar 09

...43.80

.. 2.96 ......(7.3%)

Rally days always feel good, especially when they represent a bounce off what appears to be a floor. More earnings reports are coming. General Electric (GE), it's only $13.04 - up 11¢ in today's rally, will report later this week & expectations are not good.