Stocks close sharply higher after reversing down opening
Posted in SPY, Daily Comment on Jan 31st, 2008
Stocks opened sharply lower on the unemployment claims report, but then reversed and rallied sharply on optimistic comments by bond insurers, at least that’s what being attributed to the cause of the rally. The character of the intra-day movements looked a lot like short covering to me. If the bond insurer news caused the failure […]