Why the sudden day end rally?

[drm604]

Did something happen? Was there some kind of announcement?

[dkf]

1. Maybe this?

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x4212447

Or maybe everyone seeing it is extremely oversold.

[CJCRANE]

4. They needed a rally

because the European markets tanked.

[drm604]

9. Very possibly.

It looks like the rally started right around the time of that announcement. Shorts trying to cover their asses may have then contributed to the rise.

[Cessna Invesco Palin]

2. Who the fuck knows.

It's almost impossible to understand these things when they're going on unless there's some kind of hammer-to-the-head piece of news. Hell, half the time it's impossible to understand it even with the benefit of hindsight.

[av8rdave]

3. Day's not over yet

[ixion]

5. Bank stocks all up sharply

Wachovia, Capital One, Wells Fargo, Regions, all up considerably.

Money pumped in from the Fed, IMO.

[Subdivisions]

13. Last half-hour stick save by the PPT. n/t

[Subdivisions]

15. Damn, no sooner that I could type the above it lost 300 points. n/t

[Nite Owl]

6. Traders don't want to go home short

over the weekend with the G-8 meeting. Guess they are hopeful about it.

[dkf]

10. Closing their shorts hmm?

They probably made a pretty penny today.

[ieoeja]

7. Bargain Hunters

Figure the weekend will give folks time to calm down and start moving back up on Monday. So some figured to get the bargains now before prices increase.

[tekisui]

8. It's down 150 now.

[drm604]

12. Damn.

That didn't last long.

Is it at least a good sign that it's tried to recover twice today?

[tekisui]

17. Back up, 2.5

[RollWithIt]

11. This market is EXTREMELY oversold, lots of bargain buying starting to happen...

I don't care how bad a year GM is having, $4 a share? Just one example.

[drm604]

14. Heading back up.

Damn, I going to have a freaking heart attack watching this.

[Barack_America]

16. People fighting to stop the bleeding.

Good faith investments is my guess.

Another down day on the Dow with US trading closed for Monday's holiday could mean another brutal global sell-off. That is my uneducated guess.

[akwapez]

18. I suspect that many are expecting a miracle in the G7 meeting over the weekend n/t

[bemildred]

19. The market fairies decided to make it go up at the end. nt

[drm604]

22. As good an explanation as any.

Who the hell knows.

[bemildred]

26. It has the merit of not misleading you into thinking you know what to expect next. nt

[Parker CA]

20. Hope on the floor that the G7 will come up with something positive from their weekend affair. n/t.

[Barack_America]

23. I guess they don't believe the rumor that the G7 will decide to close the markets...

...until an appropriate solution is found.

That's good.

[Stuart G]

21. Don't you wish you could have the money they are pumping into the market...

just to crate this short ..very short rally...for the weekend??????sure...

Literally tens of millions of dollars are being spent to keep this rally going for 10 more mintues..

[Barack_America]

24. It is a remarkable example of how much power the "powers that be" in this country have.

If they can fend off the last minute sell-offs we've been seeing all week, I'll be both amazed and terrified.

I wonder how many of these investments are coming from other countries just to protect their own markets from another sell off (especially considering ours will be closed on Monday).

[scisyhp1]

25. Look at the price of gold chart.

Someone sold tons of gold starting this morning and pumped the proceeds
in the Dow (mostly bank stocks). Only the central banks have those amounts
of gold.

[JackRiddler]

27. Good observation. Gold charts here...

http://www.usagold.com/gold-price.html

Looking at the top two, this week and today:

Gold oz. having gained from $840 to $920 all this week lost the entire gain this afternoon starting around 1 pm Friday and is back down to $840. The biggest plunge started about an hour before the sudden rally of 800 pts. in the DOW, which would support the idea that central banks sold off gold to blunt the plunge on a Friday. (Is that what happened? Let me call Bernanke...)

[On the Road]

28. Partly Short Covering,

partly speculators jumping on an oversold condition, partly reaction of Paulsen's speech.

With the market this volative, it's difficult to read too much in to intraday moves.

[leftofthedial]

29. greed, "profit" taking.