Rally resumes after finding support at the 20-day low

December 1, 2010:  The SPY after finding support just above its 20-day low had a nice day today, gapping up, never filling the gap and closing sharply higher.   It also closed at the upper end of its daily range, a good sign.
The first days of each month tend to be strong and this was no exception.
To put this day in perspective, however, the 2.08% rally today in the SPY represents over one-third of the year-to-date gain of 5.78%!  It shows you what a year it's been, with lots of sound and fury, but signifying... well, that traders remain nervous.
The market remains about 20% above its summer lows, which is good, and we are in a seasonally strong part of the year and the quadrennial presidential election year cycle.
Sell stop should be at 117.59.