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It was a strong bull market all day with little selling in all indices. The Dow30 +2.8%, Nasdaq Composite +3.3%, S&P-500 +2.8% and all three indices made higher highs today. The Hong Kong market was up 7.4% last night and Japan closed up 4.4% and their market was surging way ahead of ours so they were clearly going to be leading us higher.

Any negative news that would have sent the market running for cover just a month ago has been ignored but the market looked beyond that. This type of trading action changes the odds toward the long buyers now and virtually all the stocks on the wish list moved up except for MS. Many of them made higher highs.

The banking stocks didn’t get quite as frisky as the wish list stocks so it seems very possible this group still could turn over but the odds are not quite as favorable as they were a few days ago. We are at a critical point in time where the market could rollover to the downside OR euphoria takes over and we get a nice running with the bulls.

The odds are shifting toward the bullish case, especially with the wish list stocks since they were on an upward movement and some on a small momentum run. If there is any news that could jolt the market, it would be the payrolls and unemployment report but that seems unlikely any of those numbers would bring down the market.This type of trading action changes the odds toward the long buyers now and virtually all the stocks on the wish list moved up except for MS.The banking stocks didn’t get quite as frisky as the wish list stocks so it seems very possible this group still could turn over but the odds are not quite as favorable as they were a few days ago.

Oil moved back up 8.7% today to close at $52.64 on the oil index. Oil is still tracking in parallel with the market.

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