The markets are having another huge rally today. The bond market is closed today which is allowing the light volume to take over and push the market to crazy levels. In the last week, the S&P 500 has rallied 11% off the lows. This is bringing it into some major resistance points. The rally is being driven by hopes that a bank recapitalization plan will take hold in Europe. At this point it is distracting the markets from Greece, Italy and the rest of the troubled nations facing default. Tomorrow, the bond market opens again. It will be interesting to see what type of action takes place when the cat comes back to the party. It may send the mice scurrying. The rally is broad based with XOM, CVX, GOOG, AAPL and even JPM running higher. Keep an eye on JPM as the leading indicator for the overall market. Less