Market Wrap Wednesday

Good Evening,
Macro: Durable Goods Orders beat, at the headline and at the Core, Oil Inventories dropped, as did demand for Gasoline.
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1) The S&P 500 bottomed out around 12:30, and tested the week’s trend line from the bottom just after 1pm.  When the trend line broke, the Equity markets were off to the races.  Literally.
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2) Of the major indices, The R2K finished in last, gaining a mere 2.5%, with the big three all sporting increases of a rough 4%.  Trading volume remained elevated, but was lower than what we have seen this week.
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3)  Looking for a negative?  The highs of the day for both the S&P 500, and the DJIA were the lowest highs of the day for the week.  I am sure many technicians would have liked to have seen the highs of at least yesterday taken out.  Newton?  There also seemed to be a short squeeze aspect to this rally.  I asked around, there was institutional participation.  There were also some non-participants.
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4) Talking sectors?  Info tech, and Health Care went wildly higher for the day.  In fact all ten sectors scored huge gains.  Utilities brought up the rear, gaining 1.7% despite the ferocious beating taken by Treasuries.  Energy shares also showed nice gains for the day despite  a negative day for Crude.  Now that commodities have snuck their way into bullet point number four, I might as well mention that Gold gave up 13 clams on the day.
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5)  Go to bed early, or watch the Mets?  I think this one’s a toss up tonight.  Stay hungry.