Today's rally in the stock market was quite impressive. All the major averages were up over 3%, and they all broke through some initial resistance levels. Volume increased significantly over the last few trading days, and the breadth readings were very strong. Considering that the market was set up perfectly to go lower after some weak rallies, today's price action was quite impressive.
Leading the way in today's rally was the banking sector. President Obama's plan to potentially allow the FDIC to deal with the bad assets in the banks was clearly met with a positive response from traders. REIT's popped up on the list again as top performing industry groups. I am also impressed by the recent performance in Google shares, which broke out to two month highs today.
In other markets, commodities were generally mixed, Treasuries pulled back, and the Yen was clobbered.
Keep an eye out for that GDP report on Friday before the open!
Scott Cole
www.bestdaytradingstocks.com
www.kungfutrader.com
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