The bulls woke up a bit this afternoon and finally got a few things moving. We even had one of those last-hour spikes that we saw so often when the market was hot. Volume was a bit light, and it wasn't one of those really crazy last-hour spikes, but nonetheless, it was a decent little move and was a good illustration of the "don't short a dull market" action that many have talked about...
I probably don't have to tell you that the stars of the day again were gold-mining stocks. We have a huge two-day move in gold on very heavy volume. The move appears to be mostly technically driven, with hot-money momentum players chasing things up. There is no clear fundamental reason to explain the strength, which may actually be working in favor of the bulls.
Retailers did very well also, and by the end of the day breadth had moved to a very solid 4,150 gainers to 1,550 decliners. It is starting to look like typical holiday trading, but all eyes will be on the jobs report tomorrow morning. We have had a sell-the-news reaction to our last couple good economic reports, and I think the bears will try it again if we have a gap-up move on good numbers. More about that tomorrow, but I suspect we will see some whipsaws on the news....
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