9:00am (EST)
The bulls set a nice trap on Wednesday as they suckered the bears into a back draft before pushing new highs on Thursday. We mentioned the positive catalysts behind the rally yesterday so let’s go over the numbers.
The Dow jumped 131 points, or 9%, to finish at 14,831. The blue-chips traded to a high of 14,834 and are within 56 points of their all-time high of 14,887.
The S&P 500 soared 15 points, or 0.9%, to close at 1,597. The index reached a peak of 1,598.60 and went out as a fresh all-time high. A close above 1,600 will keep our 1,625 target in play but a pullback from here keeps the bears in the game as they try to get the action back below 1,575.
The Nasdaq zoomed 41 points, or 1.3%, to settle at 3,340. Tech traded to a high of 3,344.90 and is within spitting distance of our 3,350 target. There is a chance for a continued run to 3,400 but LinkedIn (LNKD, $x) missed earnings estimates after the bell last nigh and could weigh on Tech today. We would like to see 3,325-3,300 hold on the index if there is a pullback
The Russell 2000 added 15 points, or1.7%, to end at 939.85. The recovery back above 930 was good to see and the bulls cleared 940 after trading up to 940.72 but were unable to hold this level into the close. If they can clear resistance at the open, we could see a run to new all-time highs.
The S&P Volatility Index ($VIX, 13.59, down 0.90) fell 6% and closed just outside of 13.50. The VIX finished at its lows for the session and a move down to 13 today could keep the rally going into next week. The index has held 15 all week but a close above this level before the weekend would be bearish.
Nonfarm Payrolls came in better-than-expected and the futures soared on the news. As we head to press, here is how the open looks: Dow (+113); S&P 500 (+13); Nasdaq 100 (+23).
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