No concrete plans from the ECB reversed a strong premarket run up. As with Bernanke, they are standing by ready to act and are working out the details of a plan in the next few weeks. With the comforting rhetoric, the market staged a good rally end of the day. Some are anticipating a good jobs number tomorrow morning since we had strong ADP number and a slowly improving jobless claims number. In addition, small caps are getting very oversold with the markets down 4 days. The intermediate trend narrowly missed turning down with the late day rally. It would be interesting to see where we stand after the jobs number.
