Market Wrap

The SPX was able to hang on to its outside reversal today. Volume rose on the NYSE, which makes it an accumulation day as well. If this bounce is for real, we should expect to see a follow-thru day sometime next week.

The biotech index had a big bounce today, helped by the BIIB/ELN announcement. Consumer stocks also did well today.

The CRB commodity index broke below its 200-day moving average, signaling that commodity prices could be headed lower still. This should be a net positive for the stock market, as it will help inflation figures move lower and take some pressure off of the Fed.

After the close, CWTR reported strong earnings and the stock is trading at new highs