You have to be impressed with how the bulls fought back on a day where the momentum clearly favored the bears. Jobless claims popped back up near 500,000, causing the estimates for February’s employment to fall to -40,000 on the consensus, and it’s probably headed lower. The Durable Goods Orders were all aircraft. The possibility of the debt issued by Greece causing a downgrade seems likely. The Dollar rallied and crude fell. The banks suffered the most on the day, hurt by weaker economic data, jobs, a tick over 5% on 30-year mortgages, CoreLogic reporting that 11.3 million homeowners were underwater, and FHFA reporting December home prices off 1.6%. The catalyst for the turnaround was an excellent 7-year note auction. The yield was slightly below expectations. The bid-to-cover was extremely strong at just under 3. Indirect bidders took 40.3%. A solid Treasury auction kicked off the rally, but it was the comeback rally in Technology stocks that made the rally stick. Apple said that they were sitting on $40 billion in cash in liquid securities. The NDX rallied all the way back up to turn positive on the day. The broader NASDAQ almost made it, as well. This doesn’t negate the likelihood of a test over the next few weeks, but it increases the odds of holding at or above the prior low. That is extremely constructive for the anticipated late March/early April “earnings inspired” rally. This attempt at a reversal came up short, but investors should have a sigh of relief going into a heavy news day.