Friday, February 1, 2008

Market Lunacy!! ITB, XHB, UYG, UWM

Double digit intra-day gains in housing and financials:

Home Construction (ITB) +12.96%
Ultra Financials (UYG) +11.22
Homies (XHB) +10.00%

Next up to bat with a big-ass intra-day gain today:

Russell 2000 (UWM) +8.45%


All in all this market rally was totally nuts! Was it window dressing? The Plunge Protection Team? Fed pumping cash?

Tomorrow's job number and the weight of GOOG's miss will have an interesting impact. Will buyers sell and capture gains of the week?