Today three economic developments fueled a massive opening gap and strong close for the indices with the S&P 500 finishing up +4.3%. I scoured my bookmarks for a clear and concise summary of the headlines and WSJ had the best one. From today's WSJ,
Central banks around the globe announced a coordinated plan to make dollar funding cheaper for European banks. The announcement came after China indicated it would loosen monetary policy by lowering the reserve requirement ratio for banks. A report on the U.S. labor market showed private-business hiring rose by 206,000 in November, the largest monthly gain this year.
Ironically enough, today was one of the best single performance days for the market since March of 2009. Isn't intervention great? Mark from FundMyMutualFund describes it wonderfully,
This 'best day in years' follows the 'worst Thanksgiving week ever" which followed 'one of the best Octobers ever' which followed.... Well you get the point. Bipolar.
Notes aside, let's get to the charts which have slung back within striking distance of their 200 MAs.
Last but not least I have a quick look at the Oil Services ETF (OIH). I mentioned Oil stocks last week and with gurus like Dan Zanger tracking setups like this possible inverted H&S, it is not a bad idea to keep an eye on it ourselves.