The Bulls refused to give up the critical level of 1270 on the S&P 500. With the help of the Fed injecting $200 billion in the banking system, which helped eased concern about the banks' liquidity concerns that has kept the market trading down 7 out of the last 8 sessions.
A quick look at the volume confirmed my suspicions that this rally is probably a temporary short covering rally. Look for 1270 & 1400 on the S&P. Between 1270 and 1400, its a stalemate b/w the Bulls and the Bears IMHO.
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