Surprise, Surprise, Surprise

After a whole day of doom and gloom news -- "The banks are selling off" -- "The mortgage document scandal" -- "Selling on the highest volume since April" -- "Banks to lay off up to 80,000"... We had a ten point rally in the last hour of the session. Surprised?

The "surprise" rally was setting up for two and a half hours on the 12,000 tick chart above. It started around 12:30 and launched at 3 pm.

Today's rally is no guarantee the we will avoid a significant correction in this quarter. There's too much negative sentiment and that sentiment is the the cover these stealth rallies rely on to go forward. Hidden in plain sight -- the herd won't see it until it's too late. Then they'll jump in.