On word that China was not looking to sell its Euro sovereign debt, the markets quickly reversed the losses from Wednesday’s high to its low close, about 190 points in the Dow. The world believed the announcement, as the Euro also exactly reversed its losses from Wednesday. If we had held onto Wednesday’s gains, then it would have been a bullish “follow-through day” to the Tuesday reversal. We not only made up for the disruption, but we added another 95 points to it. I think that is very convincing action. Volume and breadth were both very strong on the rally. The VIX is back below 30. Perhaps the most telling detail is in the group performance. When we get bounces led by defensive groups, it’s considered weak. That was not the case yesterday. Despite the fact that all groups traded higher, the classic “defensive” groups were on the bottom of the list. The groups that have been beaten and battered by the removing of the so-called “risk trade” rallied. In fact, the Dow’s 2.85% advance pails in comparison to the NASDAQ’s 3.73% rise and the Russell 2000’s 4.34% jump. Some investors would be happy with that kind of performance for the year. Treasuries, which were the net beneficiary of the flight to safety, fell hard, sending the yield on the 10-year back up from 3.1% to 3.36%. That was a 5.4% increase in yield on the day. Overall, I think that we’ve seen the low, weakness should be bought, and investors should focus on Tech, consumer sensitive and mainly domestic revenue producing names.