That was an exciting 5 minutes this morning created I suspect from a lot of short covering. However, the market is a little slow in reaching the 10-day average distance from the open. With that rapid, high volume rise in the first 10 minutes of trading, I thought that the market would have little trouble in reaching the 10-day average, and maybe beyond. I think that the market stalled too soon. I guess that traders were reluctant to hold on to short positions with the possibility of a vote on the stimulus bill, but there were not enough new buyers to continue the upward surge. The market awaits the Senate vote.
Charles
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