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The major stock indices plunged into a full correction Wednesday on the worst day for the marketplace given that early 2009. A correction is defined as more than a 10% decline from its high. The S&P 500 closed at 11.97% from its high on April 23, marking the first official correction considering that the bottom made in March 2009.

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Uncertainty over Europe’s economic woes that many fear could spread back to us combined with the news that a Wall Street Reform Bill will go to a floor vote had much to do with the sell-off. Additionally the wild runs on the euro as well as the dollar, prohibition of naked brief selling in Germany, and a threat that the prohibition would spread to other countries had been also contributing factors to the already negative sentiment. Economic indicators for April showing a 0.1% decline vs. an expected gain of 0.2%, along with an increase in both initial jobless claims and continuing claims, brought in sellers of stocks did not help brighten the outlook.

It seems that the only bright spot of the day was the Philly Fed’s Index which for May at 21.4 was slightly greater than expected.

At the close the Dow Jones Industrial Typical was off 376 points to 10,068, the S&P 500 fell 43 points to 1,072, and Nasdaq was down 94 points, closing at two,204. Nasdaq had the biggest percentage decline for the day, off 4.11%. The NYSE traded two.1 billion shares with decliners over advancers by over 10-to-1. Nasdaq crossed over 1 billion shares and decliners there had been ahead by over 11-to-1.

Crude Oil for July delivery (new spot contract) closed at $70.80 a barrel, off $1.68. The Amex Energy SPDR (XLE) fell $2.44 to $52.16. June Gold settled at $1,188.60 an ounce, off $4.50, along with the PHLX Gold/Silver Index (XAU) closed at $164.83, down $7.71.

What the Markets Are Saying

The stock markets had been massacred yesterday with broad-based selling that could have much broader implications than its companion “Glitch Day” just two weeks ago today. The sell-off back then (seems like a year ago) was quickly followed by a rebound generated by bargain hunters who thought that the glitch resulted in an opportunity.

But yesterday’s high volume rout was not a mistake, and on top of that there was no intraday rebound to sooth stockholders’ nerves. No, yesterday’s panic was the “real article” with high volume liquidations that not only lasted for the entire day but accelerated into the close.

Your DMO warned last week that the failure of the major indices on four occasions to break through the 50-day moving typical was a bad sign. As recently as this Monday I said, “Technically last week’s rally failed at its most crucial and most visible line of resistance—the 50-day moving typical.” And, “Investors ought to be worried because it is almost never a good sign to have the leading sector of stocks hit this hard—it usually points to a more serious correction.”

The most significant result of yesterday’s selling was the clear violation of the 200-day moving averages on the major indices. Along with that is a penetration of the 20-week moving typical at S&P 1,092.

But moving typical lines are not the most important indicator. What is most important is that yesterday’s closing lows are lower than the prior closing lows—that is, lower than the closing lows of May 7th. The market’s violation of those numbers establishes that an intermediate change of trend has occurred—and it is down.

Today the chances are strong that the markets will open lower continuing yesterday’s decline with a direct attack on the February 4th closing low of the S&P 500 at 1,063 and its intraday low of 1,045. And if the S&P closes below 1,045, a quick test of the major support line at 1,030 is even achievable.

What action ought to you take: If you did not sell and can’t sleep I would wait for the first strong rebound and sell into strength—then sell until you can sleep. As for new money? A horrific amount of technical damage has been done to major patterns and high volatility and lower prices are likely. You ought to have plenty of time in the next weeks and months to put new money to work.

FYI—Just to add more volatility, May options expire today.

Today’s Trading Landscape

Earnings to be reported before the opening include:Ann Taylor, Graham, Hibbett Sporting, and Tech Data.

Economic reports due:There are no economic reports due.

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On Friday, stocks opened sharply lower, gapping down from the late selling of Thursday, and within minutes drove through the lows of the May 6 flash crash (or glitch day). But almost as soon as prices hit those prior lows, buyers rushed in to take advantage of bargains, especially in the financial sector, and heavy volume reversed the broad tape, ending the immediate slide in the marketplace.

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The 3% sell-off on Thursday caused foreign markets to react with heavy selling overnight, and that was blamed for the lower opening of U.S. stocks on Friday. Despite the almost immediate turnaround, there was extensive damage done to equities both in the U.S. and foreign markets, as well as the Dow Jones Industrial Typical (DJI) was down 4.02% for the week. And, for the year, the Dow is off two.25%.

Some of the biggest U.S. banks led Friday’s rally, with JPMorgan Chase & Co. (NYSE: JPM) up five.87%, Bank of America Corporation (NYSE: BAC) up 4.5%, and American Express Company (NYSE: AXP) up 3.1%.

Short sellers, focused on the financial sector, had apparently expected another deep sell-off, but when heavy purchasing volume entered the marketplace early, the shorts rushed to cover, and that accelerated the rate of the advance.

By noon, the early acquiring had run its course, and by the close the major indices gave back most of the early gains. However, buyers, encouraged by the passage of a finance reform bill and by the early reversal up, appeared in the final minutes of trading and drove the Dow to a gain of 1.25% for the day.

Even although the Senate’s finance bill will curb many former practices of the banks, there was an accommodation with lawmakers taking away some of the most controversial items. And, as one investment officer said, now we at least know the devil in the details. Others seem to think that the harm done to financial stocks had already outweighed that done by the bill.

The broad marketplace, aside from the financials, gained from Germany’s commitment to the European Union’s rescue package. And an investment officer at Victory Capital Management was quoted by the Wall Street Journal as saying, You had a lot of pressured selling over the last week, but like most things, there’s a clearing price that tends to attract investors back to the marketplace. He also said, The things plaguing Europe, they’re not small and it’s going to take a while to fix, but I just think investors are looking for bargains.

At the close the Dow, was up 125 points to 10,193, the S&P 500 (SPX) gained 16 points to 1,088, as well as the Nasdaq (NASD) was up 25 points to close at two,229.

The NYSE traded two.3 billion shares with advancers over decliners by 3-to-1. The Nasdaq crossed 1.1 billion shares with advancers ahead by just under 2-to-1.

Despite strong equity markets and a rise in the euro, crude oil fell once more with the July delivery off 76 cents to $70.04 a barrel. The Energy Select Sector SPDR (NYSE: XLE) gained 91 cents, closing at $53.07.

June gold fell $12.50, closing at $1,176.10 an ounce, as well as the PHLX Gold/Silver Sector Index (NASDAQ: XAU) gained 1.29 points to 166.11.

What the Markets Are Saying

Our readers will remember on May 10, just two days right after the flash crash day or glitch day, which drove stocks to just above the February lows, I said, With two extremely volatile sell-off days behind us, it appears more than likely that there are still some institutional buy orders between the S&P 500′s February closing low of 1,063 along with the 200-day moving typical at 1,097. And unless the marketplace closes under the February low, the overall bull marketplace is intact but shaky.

At that time, it was as clear as if the institutional ledgers of buy programs had been opened to us that there had been purchasing programs in force that could be triggered once more.

And, on Friday morning, just minutes soon after the opening, when stocks fell sharply lower and into those zones, blocks of buy orders suddenly appeared and reversed the sell-off. Interesting that the low on Friday was made in the first five minutes of trading, and that low was at 1,055.9, a number that was almost exactly identified by the trading of May 6.

Coincidence? As the Goldman Sachs executive said recently before the Senate Finance Committee, There are no coincidences on Wall Street.

Friday’s impressive reversal at just above the closing low of February’s correction provides five really strong numbers that could turn out to be genuine bottoms to the current correction. So this gives us clearly defined support and resistance areas in which the stock marketplace could trade for the remainder of the summer.

A new support line may now be drawn from the S&P 500′s Oct. two low of 1,020 to the Nov. two low of 1,029, to the Feb. five low of 1,045, to the two recent lows of 1,066 and 1,056 (reversal days).

The key support has held. The worst is over for now. But the longer-term outlook is still cloudy.

Tomorrow we’ll consider the resistance zones, but for now, the immediate trend is up with the first resistance at the 200-day moving typical at S&P 1,104, and Dow 10,263. A violation of the last week’s lows, which are major support lines, would almost certainly result in a run of new selling.

Today’s Trading Landscape

Earnings to be reported before the opening include: Campbell Soup, Flotek Industries, Longtop Financial and Yingli Green Energy.

Earnings to be reported right after the close include: ChinaEdu, Donaldson and Phillips-Van Heusen.

Economic reports due: existing residence sales (the consensus expects five.6 million).

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Stocks had been relatively stable during most of Monday, despite early weakness resulting from Spain’s central bank’s takeover of a regional savings company. Following the assimilation of the news from Spain, stocks recovered, as well as although the Dow Industrials had been on the minus side of the ledger, other indices had been either breakeven or held onto gains through the early afternoon.?

Some light selling came into the marketplace at 3 p.m., but buyers quickly moved on the weakness. However, suddenly heavy selling overwhelmed the financial stocks, and within 30 minutes, all of the major indices had been driven to deep losses. Financial stocks had been hit with a two.9% loss the worst of any of the S&P 500′s sectors with regional banks the worst performing stocks, down 4.2%.

Among the financials, Bank of America Corporation (NYSE: BAC) and JPMorgan Chase & Co. (NYSE: JPM) fell more than 3.5%, and American Express Company (NYSE: AXP) was off almost 2%. Janus Capital Group Inc. (NYSE: JNS) was hit hard, off 7.5%, following a downgrade by analysts at Goldman Sachs Capital Group Inc. (NYSE: GS).

Several key technology stocks closed greater: Google Inc. (NASDAQ: GOOG) gained 1.1% and Apple Inc. (NASDAQ: AAPL) rose 1.3%. But the technology group succumbed to selling in the last minutes of trading, and also the group fell 0.6%.

There was just one economic report of note. April existing house sales rose 7.6% month-over-month to an annualized rate of five.77 million units compared to an expected rate of five.62 million units.

At the close, the Dow Jones Industrial Typical was off 127 points to 10,067, the S&P 500 fell 14 points to 1,074, and also the Nasdaq was down 15 points to two,214.?

The NYSE traded 1.3 billion shares with decliners ahead of advancers by 3-to-2. On the Nasdaq, 597 million shares traded, and decliners there had been ahead by just under 2-to-1.

Crude oil for July delivery rose 17 cents to $70.21 a barrel, as well as the Energy Select Sector SPDR (NYSE: XLE) fell $1.21 and closed at $51.86.?

June gold rose $17.90 to settle at $1,194 an ounce, and also the PHLX Gold/Silver Sector Index (NASDAQ: XAU) fell five points to 166.06.

What the Markets Are Saying

Yesterday’s last half-hour sell-off was almost the mirror image in reverse of Friday’s final half hour of getting. It is just this sort of volatile and strange behavior that often accompanies thin markets with light volume, and perhaps that is the reason for the selling, given that the Canadian stock exchanges and banks had been closed for Victoria Day. And Friday’s bizarre last-minute acquiring spree could have been the result of the expiration of May options.

However, at some point we must discount the irrational behavior of a given day and concentrate on the result as an alternative to the cause. Yesterday’s sell-off took the S&P 500 perilously close to Thursday’s close, at 1,071.59, and could be telling us that the buy programs, which so far have held prices within 2% or 3% of the February low, have run their course. If that is the case, then we are in for a broad sell-off that could take prices first to the support at S&P 1,020 to 1,030, and if that fails, back to the July 2009 peak at 950.

Even before yesterday’s strange selling spree, the markets had been in an extremely oversold condition. Jeffrey Saut, the outstanding technician from Raymond James, paraphrasing another outstanding technician, Jason Goepfert, points out the following:

This is only the sixth time in history the S&P 500 futures have declined five days in a row and then gapped down [by] at least 1%. All five others closed above the opening price. (Note that this time the marketplace opened lower.)The total put/call ratio is poised to close at its fourth highest level because modern reporting began in 1995. The other three had been all clustered in late February/early March of 2007 [right before a 12% rally].The Up Issues Ratio is so low, at just under 4%, that only two other days considering that 1950 can match this bad breadth. They had been Sept. 26, 1955, and Oct. 19, 1987 (the crash), following which we saw vicious short-term bounces.

These technicians conclude that the marketplace will probably hold at the low made in February. If they are correct, we need to then consider the next resistance zones: The first area of resistance to getting is at the S&P’s 200-day moving typical now at 1,104, which falls within the zone of 1,085 to 1,115. Above that is the broad resistance zone at 1,115 to 1,150.

We are now at the crucial point where the bulls must hold the line or pass control back to the bears.

Today’s Trading Landscape

Earnings to be reported before the opening include: AutoZone, Cracker Barrel, DSW, Flowers Foods, Ituran Location and Control, Medtronic, Sanderson Farms and Trina Solar.

Earnings to be reported soon after the close include: Dycom, HEICO, Netezza and TiVo.

Economic reports due: ICSC-Goldman Sachs store sales, Redbook, S&P Case-Shiller residence price index, consumer confidence (the consensus expects 59), FHFA house price index and State Street Investor Confidence Index.

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Thursday’s 3% surge was followed by a triple-point Dow decline on Friday, which started off in the red and stayed there for the entire session. Selling was blamed on a downgrade of Spain’s debt to AA+ from AAA, despite the country’s new austerity measures. And no doubt the long holiday weekend may have prompted traders to exit speculative positions rather than take risk over three closed days for U.S. exchanges.

For the month, stocks suffered their worst monthly decline in over a year. And small-cap stocks, as measured by the Russell 2000 Index (RUT), had their worst May performance considering that 1987, the year that the index was introduced. The Dow Jones Industrial Typical (DJI) fell 7% for May, the biggest hit given that February 2009, as well as the decline broke a three-month winning streak, marking this May its worst monthly performance given that 1940.

Europe was on investors’ minds for the entire month, and Spain’s recent downgrade was just another reminder that the crisis is not over and will likely be with us for some time to come.

Prior to the May 6 plunge, expectations had been fairly positive and lots of rosy thinking prevailed, said Rob Lutts, president and chief investment officer at Cabot Money Management. What’s happened in Europe as well as the focus on Greece and Spain have changed that. (Wall Street Journal)

On Friday, all 10 major S&P sectors closed in negative territory, with financial stocks once again taking the worst hit, off two.1%. Energy stocks fell 2%. BP Global plc (NYSE: BP) shares fell five.4%, even as the company was outlining its latest plan to cap the spill in the Gulf of Mexico. Over the weekend, the method being discussed on Friday turned out to be a failure.

Personal income for April elevated 0.4%, which met expectations. However personal spending was flat, where an increase of 0.3% was expected. The University of Michigan’s consumer confidence survey for May was 59.7, which was slightly below estimates.

At Friday’s close, the Dow fell 122 points to 10,137, the S&P 500 (SPX) was down 14 points to 1,089, as well as the Nasdaq (NASD) fell 21 points to two,257.

The NYSE traded 1.4 billion shares, as well as the Nasdaq crossed 694 million shares. On both exchanges, decliners outnumbered advancers by about 2-to-1.

Crude oil for July delivery fell 58 cents to $73.97 a barrel, but the Energy Select Sector SPDR (NYSE: XLE) rose $2.19 to $54.06.

August gold was unchanged at $1,214.40 an ounce, as well as the PHLX Gold/Silver Sector Index (NASDAQ: XAU) fell 1.67 points to 173.93.

What the Markets Are Saying

Despite May’s lousy performance, the major indices held above their February closing lows. But that may not be much solace because the Dow, the S&P 500, and also the broad-based NYSE Composite all broke their February intraday lows. And all the major indices, except the Nasdaq, are trading below their 200-day moving averages.

What may be even more distressing to the bulls, although, is that last Thursday’s reversal was almost obliterated by Friday’s setback. Reversals that are quickly reversed upon send a bad signal considering that they often break to the downside once again. With the February lows looming just under May’s closing prices, this sort of negative response could lead to an early June decline.

Hoverer, there was one favorable technical development (of sorts) in May. Find out what it was here.

Today’s Trading Landscape

Earnings to be reported right after the close include: Collective Brands, Lions Gate Entertainment, Shanda Games and Shanda Interactive.

Economic reports due: motor vehicle sales (the consensus expects 8.9 million), ISM manufacturing index (the consensus expects 59.five), and construction spending (the consensus expects 0%).

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Saber-rattling by North Korea, along with the persistent European debt crisis, resulted in an explosion of selling on Tuesday’s opening bell. Stocks quickly gapped 3% lower with 95% of the S&P’s 500 stocks showing losses, and both the S&P 500 as well as the Dow Jones Industrial Typical falling to seven-month lows.

But the major indices’ reversals from technical support zones, as well as the release of a much better-than-expected May consumer confidence number, turned the markets from their triple-digit lows.

And later, when CNBC reported that Representative Barney Frank said the new financial reform bill provisions for derivatives goes too far and will more than likely be modified or even dropped, getting picked up in earnest.?

As a result of Frank’s comments, the bank stocks turned on a dime with heavy acquiring focused on the big-cap banks. By the close, Goldman Sachs Group Inc. (NYSE: GS) had risen 4.3%, Morgan Stanley (NYSE: MS) was up 1.4%, and Bank of America Corporation (NYSE: BAC) gained 0.6%.

The Case-Shiller house price index showed that U.S. residence prices rose 2% in Q1 from the prior year. The Federal Reserve Bank of Richmond said economic activity in the central Atlantic region grew more slowly in May.

Treasury prices fell slightly. The 10-year note’s yield fell to a one-year low of almost 3.1% early in the day, but recovered to nearly 3.15% at the close.

At the close, the Dow fell 23 points to 10,044, the S&P 500 was unchanged at 1,074, as well as the Nasdaq fell 3 points to two,211.?

The NYSE traded 1.9 billion shares with decliners ahead of advancers by just under 2-to-1. The Nasdaq crossed 857 million shares with decliners ahead by 2-to-1.

Crude oil for July delivery fell $1.46 a barrel to $68.75 on fears of a continued downturn in Europe and a slowing of demand. The Energy Select Sector SPDR (NYSE: XLE) rose 12 cents, closing at $51.98.?

Gold (June contract) rose $4 to $1,198 an ounce, as well as the PHLX Gold/Silver Sector Index (NASDAQ: XAU) rose five.14 points to 171.two.

What the Markets Are Saying

Yesterday’s wild opening drove through the most recent acquiring zones that triggered reversals on Feb. five, May 6, and May 21, even exceeding the low of February by about 4 S&P points. The press said the selling was caused by fear of a contagion of debt problems in Europe and threats by North Korea of war against its neighbor to the south.

So far, the selling has been contained by institutional acquiring, and yesterday institutional commitments even resulted in a reversal by the S&P 500. But history tells us that support zones are only as strong as those willing to commit huge money in a plan to buy stocks at gradually lower prices. And those buyers cannot provide resources for an unlimited number of sell-offs. In fact, right after three or possibly four thrusts into a zone of support, buyers will usually back off until the next major support line is reached.

Yesterday’s reversal, as dramatic as it was, will probably yield another bounce today. The area of resistance to an advance is the 200-day moving typical at 1,105, and if that is successful, it could even advance to the major resistance at 1,115 to 1,150.

But let’s not fool ourselves, some really serious technical damage has occurred, and unless the buyers are able to mount a solid attack with increasing volume on the 1,150 area of the S&P 500, the near-term and intermediate-term trends will remain down.?

It is important to note that yesterday’s acquiring occurred at a lower level than that of any prior reversal. This tells us that money committed to stocks at the S&P 500′s 1,030 to 1,045 level has been seriously diminished. And there has no evidence of an increase in volume on any serious rally given that early in March.

Therefore bulls ought to only buy on prices that match extreme sell-off levels, and rallies ought to be viewed as excellent opportunities to lighten on weaker positions until the marketplace stabilizes.

Today’s Trading Landscape

Earnings to be reported before the opening include: American Eagle, BluePhoenix, Brown Shoe, Diana Shipping, Fred’s, LTX-Credence, Solarfun Power, Sycamore, Synovis Life Technologies, Toll Brothers and Zale Corp.

Earnings to be reported right after the close include: AFC Enterprises, Avago Technologies, Dress Barn, Hoku Scientific, Jo-Ann Stores, NetApp, rue21, Semtech, Sigma Designs and VeriFone.

Economic reports due: MBA purchase applications, durable goods orders (the consensus expects 1.5%), new residence sales (the consensus expects 425,000), and EIA petroleum status report.

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Stocks opened greater on Wednesday, as momentum from Tuesday’s late acquiring spree carried over to the financial and technology stocks. Right after just an hour of trading, the Dow Industrials had gained more than 125 points, with a 50-point gap up on the opening, and also the S&P 500 was up almost 5%.?

But, as the day wore on, it became apparent that enthusiasm from Tuesday’s bargain hunting could not replace the fear of a chaotic European debt situation. Soon after several retreats and then rallies, stocks finally gave way to broad selling that took the Dow Jones Industrial Typical to a break-even at 3:30 p.m., and a minus by the close.?

The weakness was blamed primarily on a collapsing euro, which settled under 1.22 versus the U.S. dollar, which is just above its four-year low. The euro’s decline was blamed on European leaders’ failure to take strong, decisive steps to control a spread of the debt crisis.?

Financial stocks initially led the broad marketplace lower, but by the close, it was the telecom group that had the biggest loss, off 1.2%, which resulted from a 1.7% slide in Verizon Communications Inc. (NYSE: VZ) following its CEO said that the FCC’s proposal to more heavily regulate the Internet could be dangerous to the overall health of the industry.

But late selling could also have resulted from the S&P’s inability to hold above 1,090 a benchmark that some technicians have referred to as a major support line. So, when it became obvious that the line was about to be penetrated, additional sellers accelerated the decline until the closing bell halted trading.

Despite relatively high volume and broad selling, some large-cap stocks made gains. The Boeing Company (NYSE: BA) rose 0.8%, Caterpillar Inc. (NYSE: CAT) gained 0.9%, The Walt Disney Company (NYSE: DIS) rose 0.75%, and 3M Company (NYSE: MMM) was up 0.55%.

Treasury prices fell raising the yield of the 10-year note to 3.22%.

At the close, the Dow was down 69 points to 9,974, the S&P 500 was off 6 points to 1,068, and also the Nasdaq fell 15 points to two,196.?

The NYSE traded 1.9 billion shares with decliners ahead of advancers by 3-to-2. The Nasdaq traded 1.1 billion shares, but advancers had been ahead there by 5-to-4.

July crude oil rose $2.76 to $71.51 a barrel on a more optimistic view of the world’s economic outlook by futures traders. The Energy Select Sector SPDR (NYSE: XLE) fell 11 cents, closing at $51.87.?

June gold settled at $1,213.40 an ounce, up $15.40, and also the PHLX Gold/Silver Sector Index (NASDAQ: XAU) fell 46 cents to $170.74.

What the Markets Are Saying

The last half hour of selling was attributed to a failure of the S&P 500′s inability to sustain a break above the 1,090 level, according to the Wall Street Journal. That’s really reaching for it considering that, on Tuesday, the S&P closed at 1,074. What is more likely is that the news from Europe triggered selling that put the February closing lows of the Dow Industrials under the psychologically important 10,000 line, with the next support at 9,908, just 66 points to the south.

So, even with the disappointing failure of the key indices to hold onto the early morning’s gains, none of them has broken the crucial February closing lows. And there is another quite important number that many have ignored, and that is the S&P 500′s bottom at 1,044. The 1,044 support line matches the October 14, 2008, intraday high, and as Michael Ashbaugh correctly pointed out, this line, along with other important support zones, has yet to be broken.??

Here is his analysis: The S&P 500 held major support at 1,044. The Russell 2000 survived a test of its 200-day moving typical ?- The S&P MidCap 400 has also rallied from its 200-day moving typical ?- For as long as these areas hold, the corrective-bounce, market-recovery advocates have a legitimate case.

However, the correction is now reaching a critical point where the bulls must take a stand or be faced with a massive liquidation.?The CBOE Volatility Index (VIX) swung from under 25 to almost 35 yesterday, closing at 34.59, giving us an indication that no matter how strongly we feel about the bull or bear case, the markets will continue to gyrate, giving traders one of their best opportunities in over a year to capitalize on the swings while long-term investors keep popping their purple pills.

Tomorrow we’ll consider the condition of the sentiment indicators.

Today’s Trading Landscape

Earnings to be reported before the opening include: Large Lots, Bio-Reference Labs, Columbus McKinnon, Concord Medical Services, Conns, Costco, Genesco, HH Gregg, HJ Heinz, Monro Muffler, Movado Group and Tiffany & Co.

Earnings to be reported soon after the close include: Adaptec, Blue Coat, Diamond Foods, Esterline Techs, Guess, J. Crew, Novell, OmniVision, SeaChange and Terremark Worldwide.

Economic reports due: GDP (the consensus expects 3.5%), jobless claims (the consensus expects 450,000), corporate profits, EIA natural gas report, Fed balance sheet and money supply.

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Even although the European debt situation remains, the perception of its overall impact on the world’s economies changed yesterday. That shift was caused by a promise from China not to sell European debt securities, and its effect on U.S. markets was positive, driving the marketplace to its second best day of the year.

As might be expected, the strongest sector yesterday was the financials, which gained 4.5%. The Dow Jones Industrial Typical jumped two.9%, closing above 10,000 for the first time in over a week, along with the S&P 500 closed above the 1,090 level.

Some minor economic news had little impact on stocks. Initial jobless claims for the week ending May 22, totaled 460,000, which is slightly above the 455,000 expected. And also the second estimate for Q1 GDP showed that the economy expanded at a rate of 3%, down from an expected increase of 3.2%.

The euro had one of its best days of the year, up 1.5% versus the U.S. dollar.

At the close, the Dow jumped 285 points to 10,259, the S&P 500 rose 35 points to 1,103, and also the Nasdaq gained 82 points to two,278.

The NYSE traded 1.4 billion shares with advancers ahead of decliners by almost 9-to-1. On the Nasdaq, advancers led by 7-to-1 and 682 million shares had been traded.

Crude oil for July delivery was greater for the second day, up $3.04 to $74.55 a barrel, and also the Energy Select Sector SPDR (NYSE: XLE) gained $2.19, closing at $54.06.? Gold (June contract) fell $1.50 to $1,211.90 an ounce, as well as the PHLX Gold/Silver Sector Index (NASDAQ: XAU) gained 4.86 points, closing at 175.6.

What the Markets Are Saying

With volatility as measured by the CBOE Volatility Index (VIX) still historically high, traders are delighting in the broad daily swings. But those who had been brief going into yesterday’s opening, expecting the major indices to once again test the lows, had been deeply disappointed with the huge gap that opened trading and caused many of the shorts to run for cover.

But the pattern of lower volume on days down and greater volume on days up persisted yesterday. However, 1.4 billion shares had been enough to pop the Dow Industrials to within 20 points of their 200-day moving typical, along with the S&P 500 to just over two points from that important line of resistance.

Just above the 200-day moving averages, another significant resistance zone clouds the likelihood of a further major advance. That zone for the Dow is at 10,250 to 10,550, and for the S&P 500 is at 1,115 to 1,150, with the 20-day moving typical smack in the middle at 1,130. But perhaps the two major indices will have little trouble with moving averages. At least the Nasdaq didn’t, as yesterday it sprinted through its 200-day on an opening gap and headed into the next resistance at two,270 to two,320.

Sentiment took a positive turn in the last couple of days. With fear spreading as quickly as you can say the word contagion, it was no surprise to have the Advisor Sentiment Index from Investors Intelligence drop to only 40% bulls from 56% at the end of April, and 39.3% from 43.8% just a week ago. This is a contra-indicator meaning that the reading is bullish when the indicator for bulls weakens. Backing up that trend the AAII Sentiment Survey, also a contra-indicator, which saw its bulls fall to 29.82% from 41.30% last week, while bears jumped to 50.88% versus 33.79%.

Even although stocks have held above their five-month support line, prompting some to call this a successful test of that crucial support, there is little evidence to indicate that the old bull has awakened from his spring slumber. More time and more upside volume are needed to poke prices through the considerable resistance hovering just above yesterday’s closing prices.

Today’s Trading Landscape

There are no significant earnings to be reported tomorrow.

Economic reports due: personal income and outlays (the consensus expects 0.5% for personal income, 0.2% for consumer spending), Chicago PMI (the consensus expects 62), and consumer sentiment (the consensus expects 73.3).