A solid reversal on good volume which held into the close. Pre-market futures rallied out of the depths of the overnight sell-off on Bernanke's positive comments for the beleaguered financials. However, momentum was minimal and the indices faltered following the 10 ET data (Pending Home Sales -4.7% vs. consensus of -2.8%). It took several hours to form a proper base, but by mid-afternoon, prices broke with a solid run into the close. Airlines, financials, housing, rail, trucking (Transports + 5%) paced the way higher. Commodity/energy sectors still weak.The NASDAQ closed on an intraday pivot, so I expect we may pull back to trend line on 15 min. before the next leg up.
Crude inventories tomorrow at 10:35.
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