"The ability of the market to follow-through on the largest one day gain in more than a month is a positive for the bulls. The DJIA has advanced 4.67% this week, an impressive bounce off the lows of 2010 made last Friday and on pace for the best weekly gain in a year. Whether this up move can become anything more than a bounce will likely be decided in the short term at S&P 1100. The resistance level is the S&P 500's 50-day moving average and the key technical barrier looming ahead for the bulls. However, we are unlikely to approach it on Friday/today as traders could be reluctant to hold stocks over the weekend before earnings season begins." Is next week even better?
If it does will probably reverse big by Wed,Thursday, IMHO> The China news on export/import growth with the infrastructure cooling off for 3 months, projections of single digit growth for the 4th quarter, their slowing of imports, copper imports fell from May to June,the third monthly declines a sharp decline in orders for industries including metal and oil processing.
When this gets absorbed it will be a big negative for the market.