The market went out on its highs suggesting that we will get a strong opening tomorrow for the FOMC announcement at 2:15 PM EDT.
As a reminder, this Friday is the 'triple witching' option expiration. The markets are frequently volatile as the big players squeeze the overleveraged option speculators.
Adobe reports tonight after the bell.
To say that the better-than-expected housing start numbers ignited hopes for the economy and triggered today's rally is ludicrous rationalization.
This was a short squeeze for option expiry week, pure and simple.
Alcoa and Nucor announcements show how dire the economic situation has become.
"Where such a shift in power is in favor of the governing elite, Power will achieve its murderous potential. It simply waits for an excuse, an event of some sort, an assassination, a massacre in a neighboring country, an attempted coup, a famine, or a natural disaster, to justify the beginning of murder en masse. Most state sponsored murder occurs under the cover of war, revolution, or guerrilla war, or in their aftermath."
R. J. Rummel