Stocks open the new week on a high note after taking a drubbing during the Thanksgiving holiday. Now that the bulls are well-fed and ready to get back to buying, what are the key stories moving the market this morning?
- Another European Rescue Plan - News over the weekend regarding Italy, the ECB, and the IMF working together or separate will come up with a plan to buy Italian bonds. The news coupled with a severe oversold situation in stocks had Europe up big overnight. Watch the iShares Italy ETF ($EWI) - up 6.5% on the open.
- Holiday Shopping looking good - It appears Black Friday for the brick and mortar stores and a weekend of online shopping has been strong according to most reporting agencies. Today is just as important as Cyber Monday gets underway with bargains all over the world wide web. The SPDR Retail ETF ($XRT) is up 4.2% early.
- The Charts - The technicals on the charts show an extreme oversold situation that could result in a short-covering rally that lasts a few days if any bit of good news hits the wires. That is exactly what is going on with the news out of Europe, causing the shorts to cover and attracting new buyers. The key will be if the rally has legs into mid-week.
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