After several days of deterioration in market internals, many market players were leaning bearish and looking for the indices to finally pull back more aggressively. It looked like we might be in trouble in the early going, but we found support, and then once we traded above the opening lows, the buying become more aggressive.
Big-cap momentum names bounced back strongly, and the market was able to shrug off weakness in gold, oil and commodities. Damage to MA and V due to some proposed new rules on fees stayed contained, and banks managed to finish in the green. Leadership was in the retail sector, but a rebound in technology also helped quite a bit.
We have to give the bulls the benefit of the doubt here, and if they can build on this bounce Friday, they will really have the bears on the ropes once again.