The financial sector was the leading indicator for the rally today. This was clearly seen as the markets sold sharply for the first twenty minutes of the day before reversing to the upside dramatically. As the markets were selling into the 10:00am ET time frame, Goldman Sachs Group, Inc. (NYSE:GS), JPMorgan Chase & Co. (NYSE:JPM), Bank of America Corporation (NYSE:BAC) and Wells Fargo & Company (NYSE:WFC) were all higher and running. This was the only sector to see such strength in the face of a lower market.
By 10:00am ET, the markets reversed their selling and soared. Right now the SPDR S&P 500 ETF (NYSE:SPY) is trading near the highs of the day at $132.90, +1.47 (+1.12%). The financial sector can often be a leading indicator for the markets as seen today.
Oil, gold and silver are all pulling back. When these pull back, it is telling traders that there is a little less fear out there. Technology is mostly higher today with International Business Machines Corp. (NYSE:IBM) leading the charge. IBM is trading at $162.98, +3.05 (+1.91%).