Market summary

Markets had an impressive rally today, started by some upgrades on banks by Meredith Whitney. I think what took markets by surprise was one of the biggest bear turned suddenly bullish on banks short term. Technically we were due for a bounce and we got one but it was bigger than what lot of people had expected. Now we are approaching some major resistances on all the indexes and it wil lbe interesting to see if bears can hold the line or bulls take over. Tomorrow before the bell GS reports and that would provide shot in the arm to one side, either bulls or bears which will probably set the tone for the day. Sector wise financials /reits and retailers gained the most while energy stocks were laggards today.
Personally I would look for some kind of weakness tomorrow to short the markets as we might setup for some good shorts on R/R basis.

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