Another Day, Another Rally
I don't want to sound like a broken record, but it is remarkable how many days lately the market has looked weak at midday only to see a late day rally. The market is not up a lot, but enough to erase earlier losses and further frustrate the bears.
Another reason why I did not think that we would see a rally today was the the put/call ratios were finally beginning to show some optimism. The CBOE put/call ratio opened below 0.50, and the ISEE was above 200 - both showing high bullishness.
Oil fell back below $60, amid skepticism surrounding potential OPEC production cuts. As for bond yields, the 10-year finished at 4.75%.
Here are some standout stocks moving on above-average volume: