Tuesday, March 10, 2009

Massive rally in New York

Stocks staged their biggest one day gain of the year as the key indexes rose 6% today on a favourable earnings report from Citigroup. The Dow closed up almost 400 points to 6926 while the S&P catapulted to 719.

The gains came a little earlier than expected this week with the approach of the Sun-Uranus conjunction. It seems that the more immediate source of bullish energy may have derived from the Venus-Jupiter aspect. We could look for this rally to continue through the week, although we cannot rule out some profit taking along the way, possibly Thursday or Friday. This is not likely to be a one-day wonder so we could easily see 7300 on the Dow at some point here. Tomorrow should see more gains.