More bailout news popped us up this morning, just as it looked like some profit-taking was going to kick in after a big two-day run. The bears tried again at midday to roll us over but couldn't gain any traction. That left the door open for yet another late-day lift and some fast swings in the last few minutes of the day.
Financials led to the upside due to the bailout move, while oil, gas and commodity-related names led to the downside. Breadth was nicely positive on the NYSE but fairly flat on the Nasdaq as technology stocks performed relatively poorly. Bonds were up big again and yields falling to almost nothing as investors seek safety away from the confusing equity markets.
It continues to be very chaotic trading, but the bulls have a bit of a squeeze going here with some help from Hank the Tank and his friends at the Treasury Department. These bailouts may be problematic down the road, but for the moment they are helping to boost the market a little.
After three positive days, I suspect the bears might be looking for some entries here soon, but we have the very thin and generally positive days around Thanksgiving coming up, so the likelihood is choppiness rather than any clear trends.
Most trading is focused on the indices rather than individual stocks; that gives many a much shorter-term time frame. It still is a bear market.
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