The S&P 500 basically rallied all day. The market was being bought on any slow down. It is suprising to see how quick these bullish rallies move. Especially in the light of the earnings that came out after the market closed. Microsoft profit dropped 29% as consumer demand for PC’s is dropping revenues causing shares to drop. Microsoft, American Express and Amazon were another three that reported after the close with negative effects. American Express is seeing pull backs on the payments by cardholders on top of dropping the available money to lend around 25% from one year ago.

Lots of traders still on the side lines, so there is some cash out there. Be careful holding into the close.