Today on the Marketbeat: Late day news driven short squeeze

Market #'s @ Closing Bell:

S&P: +1

DOW: +7

NASDAQ: +11

RUS2K: +1.75

TSX/S&P:  +10

VIX: -2.47

Internals:

Core Sector List: 8/8 Split

NYSE

BREADTH: 1.1/1 Neg

AD LINE: -200

NASDAQ

BREADTH: 2/1 Pos 

AD LINE: +50

Today on the Marketbeat: Late day news driven short squeeze

I think the title basically sums up today's action. Well looking back to earlier in this week when the market was a total chop fest, One couldn't of asked for a more actionable day in the markets. We started the day with a gap down near S1 on the S&P Futures (ES) and used that for short term support. A reverse in the market action into the lunch time took the market back up to the mid pivot between the Pivot and S1 but with the return of traders in the early afternoon the market was taken back down to new lows, testing the 804 area. However, call it late day news, or a short squeeze whatever it was it pushed the market up to new highs, closing higher on all 3 major exchanges. At one glance a closing of +1 on the S&P isn't impressive, but when you break it down intra day you see that we went from uber negative level to a late day gap fill, which is a major win for the bulls on the short term. 

The internals were interesting today. The core sector list finished the day split 8/8 and improved from being 16/0 earlier. The NYSE Breadth finished the day @ 1.1 / 1 negative, after being down as much as 8/1; while the NASDAQ breath went from being 3/1 negative to finishing the day at 2/1 positive. Finally the A/D line was all over the map from down 1750 ticks to closing the day at its highs at -242 ticks. All around interesting swing of things towards the end of the day.