Today's big up move

I was away this afternoon, looking at today's action I'm curious as to what prompted that huge rally. I see the GM CEO announced they're not considering bankruptcy, and the Refco story continues to unfold. Beyond that I don't see any other major news story. I'm guessing it was a combo of the two, but GM didn't really budge in the afternoon, so was it all Refco related?

I know it could be part technical but that would be a pretty big/violent technical move.

Thanks for any input

 

in my humble opinion...


The Recent Drop in Crude oil prices - oil looks to be heading under $60 a barrel soon, possibly by the end of the week.

Optimism that situation in Iraq is improving

No new inflation surprizes in Beige Book

Strong Financials sector


and the Market always reacts strongly to any GM news....



cheers,

 

Too many bears, I guess.

 

I had to cover a huge short position.. lol..

Actually, I heard it on CNBC that Fed revised a statment, I guess a previous statement regarding their expected inflation.

 

option expiry week and maybe some folks were a tad too short on a wed afternoon 2 days before settlement

 

More buyers than sellers.

 

then who did the extra buyers buy from?

 

specialists.


umm, hasn't there been sommat of a selloff of late? a little short covering in order on strong housing/weak oil?

 

Cramer called a bottom.

 

People that were short....Pay attention!