February 16, 2010
BULLS TAKE CHARGE Bulls had their moment today although volume was light. Sometimes rallies like this are hard to understand since issues plaguing markets the past two weeks (PIIGS and Chinese tightening for example) haven't been positively resolved. Tuesday's rally catalysts came from a stronger Empire State Mfg report and more M&A activity with Simon Properties offering $10 billion for bankrupt General Growth. Barclays posted (gasp!) better than expected earnings pushing the stock and financial sector higher. Toss in a healthy dash of peer pressure and markets took off higher. The dollar fell substantially today for no particular reason causing commodity prices to move substantially higher. Volume has been light on rallies the past six months and much heavier on declines. Tuesday's light volume may have to do with Chinese New Year and traders slow to return from the extended holiday weekend. Breadth was extremely positive. Continue to Major U.S. Markets
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