Starting out down more than 300 points, Dow ended with a gain of 299. Advancers were ahead of decliners 3-2. Even NAZ recovered, picking up 24 points while the Treasury bond was little changed offering a yield of 3.43% (i.e. bond buying was cut back). The market thinks the FED owes another 75 basis point cut at it's meeting next week. Maybe traders have been reading my blog, banks & REITs offering high yields rallied sharply - gains of 2-3 were common. What's there to say?
After the close, Ebay (EBAY) announced earnings & gave a disappointing forecast. Google (GOOG), hosting my site, declined 36, up from a 65 point decline earlier in the day. NAZ investors are getting nervous, anything touches off selling. More earnings reports are on the way, let's see what they have to say. In the meantime, I'm chalking up a rally that lasts for just a few hours as "technical." The VIX closed at 29.02, above 20 is considered quite high, telling us to expect another bumpy road with very big bumps.
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