Short covering in the financial sector on positive news (NTRS +30% better than expected earnings; PNC +37% lower loan losses projected). Early momentum stalled, but after an orderly pullback, and some narrow range base building, the midday breakout was followed by a steady uptrend.The S&P formed a tweezer bottom, piercing line reversal pattern. The strong pattern in conjunction with the recent oversold technical posture raises the probability that a more substantial recovery is underway. Initial resistance above is at 845 with a more important zone at 855/857 (congestion/last Friday's high/38% retrace of Jan slump).
After hours AAPL beat by $0.39 and futures trading higher.
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