Markets were so oversold & trades were so one-sided on the short side that it became a "very crowded trade"....then contrary trade of long took hold with a vengeance.....
Yes ....there were many catalyst today from deeply oversold conditions to positive comments from Bernanke to Vikram Pandit shocker of profit forecast for C.....
Bernanke is predicting end of recession by end of this year & growth in 2010....these words were NOT in the cards of many technicians as it IS a fundamental story of economic picture....
How powerful was this rally....here are some numbers :
Advancing stocks led by 13.03 to 1 on NYSE
Advancing stocks led by 5.38 to 1 on Nasdaq
UP volume led by 27 to 1 on NYSE
UP volume led by 23.32 to 1 on Nasdaq
VIX ..the famous fear index.... went down to 44.37..Down 10.69%
Even Solar stocks who are reporting "tough times" came to life with 10%++ gain....
Another GREEN close is in the cards for Wednesday......
BLOG does NOT give buy or sell.
Saleem
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