Market wrap - a day late - 7:44AM

What a rocketship we seen today! Dow 8,616.21 +256.72 (3.07%) S&P 500 932.68 +26.84 (2.96%) Nasdaq 1,862.90 +63.17 (3.51%) Today by sector: Today's heatmap:

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In spite of anything, this market wants to go higher, rather the fundamentals support it or not. We are not at the point where we need to see which way this market will go. Check the below chart: Notice we are not right at the right sholder of the head and shoulders pattern. We will see if the bulls can push this higher. The next level will be the head which is around the 956.23. If we would have breached the 878 - 880 level, many bears would have jumped on, the head and shoulders would have been confirmed. Now we need to see if the top is breached which might send this market on another bull run - fundamentals be damned.

Even more Sillyness - SPX from Friday to today - 12:20PM

Well lookie here: Looking at this chart, Friday, the SPX was around 910 2:15PM on Friday. It began to drop, going down to 905 around 2:53PM. The low was 887 Friday morning at 10:10. From 2:53 (or we can just round it to 3:00PM)it rockets to close at 919 with a huge spike in the last 5 minutes. Today, Monday, the SPX gaps up to open significantly higher at 923. The market proceed to charge higher (on the GM news as one thing) to 942 by 10:20AM. Let's do a little math here. From 905 to 942 is 37 points. The climb took all of 2 hours between Friday afternoon and 10:20 this morning. A couple of observations. 1)The economic data that came out last week was not all that good, and even bad in some cases. 2)The ISM and spending data that came out today was not awful, but not that good either. 3)GM, once the largest company in the world, has filed for bankruptcy. 4)We knew this was coming, probably on Monday, and considering the climb in the SPX last week, it would make a good case to be short for the weekend, no? Looking at the huge spike in the last 5 minutes Friday, did someone NOT want to be short for Monday open? Did someone know something we, the average investor did not? Seems awful funny to me, or is this just plain Sillyness? Anyone wonder why we call this site Sillymeter?

Saturday - Week in review - charts - sector maps - 11:50 AM

Last weeks Dow Jones Industrial Average Last weeks S&P 500 Last weeks Nasdaq Last weeks Bank Index (since they were the star this week) This weeks performers by sector Weekly Heatmap