We started off slowly this morning but gained steam before a weak finish. Strength in financials, oil, commodities, and big cap momentum stocks was the main driving force. It feels like a combination of a short squeeze and end-of-the-quarter window-dressing on average volume. We still have oversold technical conditions on longer time frames, some nearby support, and rising negativity. Some positive news on the Europe debt crisis and the USA budget ceiling are beginning to get priced in, but could lead to a further rally. I am reading that the Greece vote on austerity is due tomorrow and could make or break our current rally.
