Strong technical bounce off the bottom of the downtrend channel.
Rumours abound that BP is close to plugging the Gulf oil leak, with the word quietly out so that the same insiders who sold shares, and even went short the sector and region ahead of the public disclosure of the problem and its severity, can cover up and go long.
But that's a rumour, so let's see if they really do finally solve the problem, and if stocks can break up threw that resistance where they stopped near the close, and take on the next level of resistance a little higher up.
For the mystery of lawlessness is already at work. And the name of the lawless one will be revealed. Not everyone who calls to me saying, ‘Lord, Lord,’ will enter the kingdom of heaven, but only the ones who do the will of my Father. Many will say, ‘Lord, did we not prophesy in your name? Did we not drive out demons in your name? Did we not do mighty deeds in your name?’ Then I will declare to them solemnly, ‘I never knew you. Depart from me, you servants of lawlessness.'
Matthew 7:21-23