EVENT FUL CLOSE

There we go again, another 27 point range on the SPX and a close at/near the highs as rumors of an ABK bailout rattled the markets and scared the shorts into covering. Also, a move below 1,328 on the SP Futures seemed to have stopped many scared longs and it seemed to be straight up from that point.

The DJIA finished +97, NAZ +4 and the SPX +10.5.

Strongest sectors- gaming, real estate, financials, telecom, banks and retail while airlines, biotec, metals and trannies lagged.

There were only 300 net winners between the NYSE and the NAZ- so not exactly a broad based 100 point move higher. Although NDX was strong with 66 net green while OEX was better at 80 finishing in positive territory.

DNA moving way up in the after market as good news comes in on Avastin.

Yesterday, I mentioned that some big event would probably be needed to move the markets one way or another- now I am not taking full credit as this could be a fake out move- but it seems we could ramp higher if there is more good news on the ABK/MBI front next week.