Written by: Arthur Daret
1/28/2009 4:05 PM

The NYSE (which includes more stocks than the S&P 500) broke back above its 50-day moving price average today. Volume increased and market internals were very good; Advancing issues beat declining issues 83% to 14%.

Financial stocks had a good day. The Dow Jones US Financials index (below) gained 11.1%. Wells Fargo (WFC) gained 31%. We'll have to see how tomorrow unfolds (and the next few days). Profit taking in the early morning followed by a move higher would be considered bullish price action for the market.

Have a nice evening!

Arthur Daret

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