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OVERSOLD RALLY

Feb. 01, 2010 6:38 PM ETSPY, MDY, IWM, QQQ, IDGT, CSCO, XLB, AA, XLY, WMT, XLI, F, IYR, IYT, XLF, C, IEF, TLT, HYG, EMB, FXE, GLD, DBC, XLE, XOM, JJCTF, FCX, XME, DBA, MOO, EFA, EEM, EWJ, EWA, EWZ, RSX, EPI, FXI
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February 1, 2010

OVERSOLD RALLY

As suggested, stocks were due for a bounce given oversold conditions pointed-out here last week. The sectors most oversold, materials and commodities, rallied most. Monday was a classic short-squeeze under those conditions.

The news sparking this reversal was primarily manufacturing data which was better than expected.

Volume as about average but breadth was quite positive. NASDAQ breadth in share volume was most impressive meaning bigger stocks saw most of the buying....READ MORE!

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