Boston Federal Reserve Bank President Eric Rosengren gave the bulls another reason to rally on Friday, saying expansion must become more stable and broad-based before the Fed reverses its current policy, and even more stimulus may be needed if the housing market hampers the rebound.
Like it has been in the past, Intel (INTC) itself finished down, but it seems like its Capex allocation sparked a wild chasing of semiconductor-related stocks. In addition, banks were very strong after JP Morgan's (JPM) earnings Friday morning.
With options expiration, month end and government support, we could have a strong finish to January. Earnings season is just beginning and the very important report from Apple (AAPL) will come after the close on Tuesday.