an tSionna 02.7.09: Boom!

Stocks went Boom yesterday! We popped right through that trendline we discussed Thursday night. Short covering and what the market perceived as positive action on the stimulus package and coming bank plan were likely the catalyists. It certainly wasn't the jobs action as it continued to be crummy. Markets will likely bottom and begin to rally months before good news shows up in the economic data. I'd really like to see us continue with this action on Monday. Be aware though we could see a "sell the news" reaction sometime the first two days next week. It will be really positive if we can stay above the red trendline highlighted above. Stocks closed near their highs on decent volume which is also a positive.