Stocks rose sharply today on growing confidence that the worst of the banking crisis had passed. The Dow closed up over 400 points and ended at 9265 while the S&P finished the day at 985. In Mumbai, the Nifty added 2% to close at 3122 while the Sensex once again rose above 10,000 and ended the day at 10,223.
While I had thought we might have a big down day here, it seems that the expected midweek rally has arrived early. Tomorrow may have a negative tinge to it, but I'm not sure it will be enough to stop the rally momentum that is taking hold here. So look for more upside is this week, maybe back up to last week's highs. However, I remain committed to my view that by Friday, we will again be moving down.
