Heading Into The Close

The market has staged a dramatic intraday reversal (if it holds). After making a climatic low this morning, and the VIX spiking to 30.81, the market bottomed and has been working higher the rest of the session.

All of the indexes are currently in positive territory, led by the Nasdaq. The VIX plunged -10% from its highs, and is currently at 27.06.

Biotechs and semis are leading the way today, both indexes up over +3.1%. Energy and materials stocks are the weakest today.

Financials are also enjoying a nice bounce. Lehman (LEH) is up +13.7%, and Goldman (GS) rebounded $10 from its lows. Citi is up also.

We still have almost an hour to go, so I don't want to jinx it. But hopefully we will see more short-covering into the close to add to these nice gains.

Here is a list of some stocks moving higher on above-average volume:

• ISYS, MMSI, ECOL, DNB, CSGP, AMED, TAP, NDSN, BIIB

long GS