Indices closed UP 2.59% to 3.52%.....NICE !!!!

Indices were UP nicely due to many positive catalysts, from oversold conditions to record Black Friday to European movement on debts......BUT many pundits are calling it "no nothing rally"

From Jimmy the Cramer to Adami, they are saying sell, sell & sell fast as the party will be over by 10 AM Tuesday.......

I wish life is that simple, we do have serious short covering rally as people in the know KNOWS that we may have seen the lows for a while. Markets will be trading in a new range until real resolutions are adopted in Europe.

US is certainly on the mend, as most US economic data is encouraging & better than expected.US had the best Full day after Thanksgiving in markets since 1941, maybe the CNBC pundits need to catch up on US historical market data.

Markets will be on the defensive until auction of $8 Billion Italian bond is completed on Tuesday. This may be countered by EU Finance Ministers agreement for future strategies to deal with debt issues.

Internals of the markets were as follows :

UP volume led by 39.30 to 1 in NYSE & 15.01 to 1 in Nasdaq

Advancing stocks led by 5.29 to 1 in NYSE & 5.27 to 1 in Nasdaq

Volume was slightly below average in S&P 500 & Nasdaq, BUT higher than average in Dow

VIX closed Down 6.79% @ 32.13

Oil closed @ $98.21

Gold closed @ $1710.80

Stocks which were UP 4% or more included BIDU,CNQ,CLF,LVS,LULU,RVBD,
AMZN,M,COH,MGA,BWLD,APKT,
TCK,FCX,SNDK,WYNN,MPEL,VMW,
FFIV,QCOM,GOOG,CRM,V,MA,JKS,TLM,
TSL,MS,JDSU,CIEN,FNSR,C,ARUN.......

AH Futures Down

AH Asian Markets UP

AH Oil & Gold Down

BLOG does NOT give buy or sell.

Saleem