Bears Lose!

bear dead

“Buy programs!” sniffed the bearish trader in our IM window just now.

After a holiday-shortened week that could’ve killed the rally — treasuries soaring, the mortgage market in utter disarray — stocks rallied again!

The unbelievable strength of this rally is why so many traders are absolutely convinced that there must be manipulation going on, whether it’s the government’s plunge-protection team or Goldman Sachs (GS).

Whatever it is, after languishing through much of the day, stocks soared in the final minutes out of nowhere, signalling a healthy thirst for stocks ahead of the weekend.

The S&P 500 finished up 3.6% for the week, while the Dow managed to end the week just above 8500.

Here’s the crazy end-of-day move that knifed the bears dead.

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