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80% upside day Friday followed by a 90% Upside day today = Major Market Bottom?

http://www.internetnews.com/bus-news/article.php/3787116

Apple, Amazon Lead Tech Stock Rally

Apple and Amazon benefited from the government's rescue of Citigroup, while HP expanded on its quarterly results after the close.

November 24, 2008
By Paul Shread: More stories by this author:

A massive government rescue of Citigroup (NYSE: C) sent stocks soaring for a second day on Monday, while Apple (NASDAQ: AAPL) and Amazon (NASDAQ: AMZN) led the tech sector higher ahead of the start of the holiday shopping season.

The government's rescue of Citi — the biggest U.S. financial company, with $2 trillion in assets — sent stocks soaring on hopes that the bailout can bring an end to the worst economic crisis since the Great Depression. Also boosting stocks was the appointment of President-elect Barack Obama's economic team, with New York Fed President Timothy Geithner as Treasury Secretary and Harvard economist and former Treasury Secretary Lawrence Summers as a top advisor.

Apple and Amazon rose 12% each on hopes that the deal can boost consumer confidence in time for the critical holiday shopping season.

After the close, HP (NYSE: HPQ) fleshed out the details of its better than expected results preannounced a week ago.

HP's results were boosted by strong notebook and blade sales and the addition of EDS, but printing, industry-standard server and business critical system sales weighed on results.

HP said it expects 2009 to be a tough year, and the company sees more savings from its merger with EDS and also plans to tighten discretionary spending.

Other stocks beating the Nasdaq's 6.3% gain during Monday's trading session included Cisco (NASDAQ: CSCO), Comcast (NASDAQ: CMCSA), Dell (NASDAQ: DELL), Qualcomm (NASDAQ: QCOM), Yahoo (NASDAQ: YHOO) and Symantec (NASDAQ: SYMC).

The Nasdaq surged 87 to 1472, the S&P gained 51 to 851, and the Dow soared 296 to 8443. Volume declined to 8.74 billion shares on the NYSE, and 2.64 billion on the Nasdaq. Advancers led by a 32-4 margin on the NYSE, and 22-7 on the Nasdaq. Upside volume was 93% on the NYSE, and 94% on the Nasdaq. New highs-new lows were 2-153 on the NYSE, and 3-265 on the Nasdaq.

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Technical Analysis: Bulls Make a Dent
With last week's breakdowns reversed, the advantage has tilted toward the bulls.

http://www.internetnews.com/bus-news/article.php/3787121

November 24, 2008
By Paul Shread: More stories by this author:

One heck of a rally the last two days, and why not? As the financial crisis has now claimed the biggest U.S. financial company by assets, it could certainly be argued that the news can't get any worse.

The indexes have now moved back into their October trading ranges, a nice reversal of last week's breakdowns. They have much more work to do if they're going to put in a major bottom, but the ability to recover from a major breakdown is a good start.

The Nasdaq (first chart below) had a nice breakout above a downtrend line today. 1493-1500, 1542 and 1604 still lie ahead, while 1428-1430 and 1384-1410 are support.

The S&P (second chart) faces resistance at 866, 900 and 950-960, while support is 840, 818 and 800.

The Dow (third chart) faces its first upside test at 8637, with 8929-9153, 9350 and 9500 above that. Support is 8300, 8200, 8000 and 7900.

Finally, the dollar (fourth chart) could be topping out here, which could provide an opportunity for gold (fifth chart).