Stocks jumped aggressively higher on the open following the Treasury's FNM and FRE bailout news announcement over the weekend. This brought the move off of Friday lows to almost 5% for the S&P and Dow and immediately lead to a healthy dose of profit taking that continued into midday. The Dow and S&P 500 held near the 50% Fib. retracement of the Fri-Mon rally, forming a trading range before a modest move higher in the final hour. The NASDAQ, on the other hand quickly filled the gap, but found support in the 2240 area before retracing 50% towards the ORH. Top performing sectors were led by banking, housing, retail, an insurance. Sectors on the defensive were led by commodity/energy as the USD set a new 11 month high (coal, mining, steel, gold, solar, oil and gas).Economic calendar: pending home sales and wholesale inventories at 10:00.
Futures modestly lower as Asian markets fall overnight on growth concerns.
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