THE CLOSE

Nice day for the bulls as the markets rally to the 1245 level on the SPX +30 and almost 4% off of the recent lows.

Strongest sectors the most heavily shorted including banks, brokers, homies, real estate and reits while oils, metals, utils and ags lagged.

NYSE- 1650 net winners;

NAZ- 1600 net winners;

VIX down 12% at/near 25;

Crude down to $135 and gold at $960- is it over for commodities -I doubt it;

Next level on the charts is SPX 1250 - although fair value is already way below the close on some earnings numbers - question is do they buy the dip tomorrow is this a one day wonder? The guess here - they buy em.