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Markets Are In Jubilee Mode

 The major stock market indexes are all surging higher today as President Obama assures the public that he understands the economy and salutes his economic team. Today the President appeared in a CNBC exclusive town hall style meeting and was very upbeat as he answered various questions about the current state of the economy. The gathering was very short and there were not any questions asked about Fannie Mae and Freddie Mac. The toughest question in the meeting was from CNBC's own Rick Santelli who asked what the country is going to do about the current amount of debt that it is in. President Obama simply said that he will need to address it soon. The rest of the questions seemed rather basic and most were asked mostly by supporters of the administration.

Today's volume on the major indexes are extremely light again which is certainly helping the markets to trade higher on the day. Tomorrow the Federal Reserve Bank will make their decision on the fed funds rate and make a brief statement on the economy, therefore, light volume could dominate the market again.

Some leading stocks that are trading sharply higher today include Exxon Mobil Corp.(NYSE:XOM) and J.P. Morgan Chase & Co.(NYSE:JPM). Some stocks that were lagging the markets earlier in the trading session such as U.S. Steel Corp.(NYSE:X), and Cliffs Natural Resources Inc.(NYSE:CLF) have reversed earlier declines. This is a short term bullish move for the markets as they remain strong today.