Dow Jones Rallies Ahead of Obama's Speech (Technical Analysis)

Date: 9/7/2011

Dow Jones Rallies Ahead of Obama's Speech (Technical Analysis) Dow Jones Industrial Average Index 2 Day Rally. The bulls felt confident buying the dips over the past 2 trading day's ahead of President Barack Obama's Speech on the "US Economy".

An improved tone abroad brought buyers back into the fold today. Support was unwavering.News that a German court rejected a lawsuit to prevent Germany from participating in European Union bailouts helped several of Europe's bourses rally between 3% and 4% after they had suffered a series of steep losses that left them deep in bear market territory.

The notion that Germany, Europe's most robust and diverse economy, is still at the lending table also triggered support for the euro, which worked its way to $1.410 for a 0.7% gain against the greenback.Renewed confidence in Europe compelled domestic participants to switch on the risk trade after they had sent the stock market lower in three straight sessions for a cumulative loss of more than 4%.

The S&P 500 bounced back by staging a steady advance to settle at its session high with a gain of almost 3%. Small-caps and mid-caps staged more stronger performances. Financials collectively spiked almost 5%. They were the best performing sector this session, but only after they had underperformed in each of the past three trading days, during which time the sector surrendered about 8% of its market value.

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