Rally Continues Into Afternoon Session (SPY)

The rally sparked by the better than expected PMI numbers is continuing into the afternoon session. So far the historically bearish month of September has started off on a good foot. The S&P500 (NYSE: SPY) is up 2.3% on slightly higher volume than we have seen the last few green days we have had the past month.

The word across the trading desks is today's buy tickers are mainly short covering as most mutual funds still have quite a bit of paper to sell. It appears most of the mutual fund selling will hold off until Friday's jobs number is released.

Day's Range: 105.39 - 108.48
52wk Range: 99.57 - 122.12