Although the GM IPO closed near its low, the indices held up well. Breadth was better than 4-to-1 positive. We breached 1200 on the S&P 500 by a few pennies and that was the high of the day. The endless supply of cheap money provided by the Fed is still helping to cushion the down side. CRM is receiving a warm welcome to earnings after hour and could be a good measure of momentum tomorrow. We may need a day of consolidation to digest this up move as many trapped bulls will look to get out even. On a side note, our chat room survey shows a 5-1 vote for more upside.
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