Update, This is not The McCain Rally

Maybe there won’t be one.  This is a very interesting day.  Two factors stand out, the macro technicals are very supportive of the market and 2) the fundamental sellers came out forcefully at the short term resistance levels of S&P 1300 and XLF (financial ETF) at 2200.  This changes the bigger picture in dramatic ways and makes this look like a base for much bigger rallys than we originally anticipated, both in terms of time and magnitude and probably will be led by financials (purely a technical call).

11:36 AM CDT