Here are 10 things traders are saying about Wednesday's big stock market rally

New york stock exchange tradersREUTERS/Lucas JacksonTraders laugh as they work on the floor of the New York Stock Exchange as the market closes in New York October 17, 2014.

Stocks are having their strongest session in several days.

The Dow gained as much as 250 points after news crossed that Germany may be offering Greece the opportunity to come up with one economic reform that could attract bailout funds.

In an email to clients, Dave Lutz at JonesTrading shared what else traders are watching that’s moving stocks higher on Wednesday, summarized and lightly edited below:

  • Energy stocks are rallying with crude oil after the latest official data showed a drop in US commercial crude oil inventories.
  • Utilities are ripping higher after the Federal Energy Regulatory Commission’s ruled that PJM Interconnection LLC, the largest electricity grid in the US, can increase reliability at plants to avoid shutdowns during unseasonal winter weather. (via Bloomberg)
  • Materials stocks are rallying with gold and copper prices on heavy volume.
  • The S&P has bounced off its 100-day moving average.
  • There’s an S&P 500 short out there. “Over 320mln shares, most in years.”
  • Higher yields amid the selloff in bonds are sending financial stocks higher
  • The buyback basket is outperforming.
  • Semiconductor stocks have reversed a recent selloff, and recent M&A bids are supporting rally.
  • Transportation stocks have also turned around.
  • The no-news event Tuesday on China’s inclusion in the MSCI index may have reduced fundraising from other benchmarks.
  • Credit Suisse noted that two more Chinese companies are going private, making a total of 9 this year.
  • And lastly, the Greece “Chowder” has driven the German DAX up by as much as 1.7%.

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