Could it be the babe-o-lishious older woman, Meredith Whitney :), moved this market with her bullish GS call so publicly displayed on CNBC this AM? When the market opened, there was hesitation, but throughout the day, the bullish interest is unquestionable. The market trend was a 45deg up angle.
Since the March lows, the banks have been up very nicely, but they have also been consolidating in a slightly negative trend for 3 months since May. With today's action, the internals of the financial index are changing. The most obvious is WFC breaking out. (ie... I would not be short the banks, as I am expecting a break out in this trend.)
In a previous 'Market Thought' post I highlighted the fact that she started turning bullish on the banks due to the loan modifications, and this could allow the banks to lead this market. Well, now we maybe getting it. (This also proves CNBC is so much more powerful a vehicle than Forbes magazine to get a message across.)
The market has been sitting on its 870-880 support for a few days, and today was a very nice bounce off.
The market looks to be holding, and if the financials break the 'consolidating-negative' trend, it will continue to rise. Mind you, breaking this trend, will be technically significant, as the SMAs will be breached. It could lead to breaking the 950 SP resistance, and lead the market to the 320SMA resistance.