Basically, the markets hit some important MP levels and were unable to go lower. With a lot of time left till the end of the session and the higher areas already developed during the morning session, markets had no choice but to go higher.
dow should surge 400 points at least today there is still no crisis, and the only recession is a mental one the dow should be at 13,000 as far as I'm concerned. This is all just one big shakeout with very litle basis. I'm baffled.
it is only 6.4, and the historic average is between 4-6%. Even if it peaks at 7.6 % that is still just 2.6% above the average. Also the unemployment is concentrated in financial and manufacturing sectors. It isn't that important.
The market won't move higher while financials are in a downtrend. The financials have to hit bottom in terms of their earnings and job cuts before the broad market turns around. Do you think they are there yet?