Markets surge into close for huge gains

S&P: +47.28 Dow: +416.66 Nas: +86.42

Markets regained momentum midday after the Fed announced that more liquidity stood at the ready should this morning's $200 billion not be sufficient to ease credit woes caused by mortgage-backed securities.

Top Performing Sectors

Mortgage Investment +13.10%
Nonmetallic Mineral Mining +8.42%
Residential Construction +8.27%
Credit Services +8.24%
Regional - Southeast Banks +8.18%
http://biz.yahoo.com/ic/

Some names mentioned earlier today:

XHB, homebuilders ETF +8.0%
UYG, double financials ETF +11.7% (14.0 w/o painted tape)
URE, double real estate ETF, +13.7%
RSX, Russia ETF, +7.9%
FRE, Freddie Mac, +15.9%
FNM, Fannie Mae, +11.1%
GS, Goldman Sachs, +4.8%
VLO, Valero, +4.0%
HOC, Holly, +3.5%
TSO, Tesoro, +6.7%
WNR, Western, +1.7%
DRYS, Dryships, +12.3%
DSX, Diana, +5.9%
EXM, Excel, +8.6%
GNK, Genco, +4.6%
TBSI, +15.1%
TSL, Trina Solar, +6.3%
CSIQ, Canadian Solar, +7.1%
STP, Suntech, -5.7%
FSLR, +12.2%

Today's action certainly has the feeling of bouncing off a double-bottom first sounded the day after MLK day, Jan 22. Knowing where the bottom is firmly establishes a range. Today's rally could have (shorter) legs for a day or two before the next pullback.