Update: Ouch. The Dow ended up 221, closing at 8721, while the NASDAQ 54 poitns or 3%.
Original post: Oh the pain, the pain!
The bulls are putting the screws to the bears even harder, pushing the indices up nearly 3% with 90 minutes to go.
The big winner: Retail. Based on the action in names like Abercrombie (ANF), and Barnes & Noble (BKS) you’d almost think that Americans were ready to whip out the credit cards and head to the mall (and read actual print books!) again. Pacific Sunwear is up 10%.
Conversely, watching the once-volatile financials will lull you into a stupifying slumber, given their modest moves. As we’ve been saying, the government has wrung all sense of volatility out of them, turning them into wards of the state with little reason to get excited one way or another.