Wednesday, November 14, 2007

Bounce for Bulls

Stocks shot skyward on Tuesday, in a reflexive rebound after two weeks of concerted selling pressure. If this was a relief rally, investors certainly were well-relaxed, though the suspicion is that at least half of the gains were due to short covering.

Dow 13,307.09 +319.54; NASDAQ 2,673.65 +89.52; S&P 500 1,481.05 +41.87; NYSE Composite 9,860.98 +291.01

Advancing Issues held a 7-2 edge over decliners though new lows remained well above new highs in a continuation of a trend.

The oil trade contributed to the spirited rally, as crude futures fell $3.45 to $91.17. Gold dipped $8.70 to $799.00, while silver fell another 15 cents to $14.61.

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