Okay--It Looks Like a Rally, But Will it Last

Today was a great day to be a bull, and to have your investment funds in the best sectors. After embarking on a precipitous plunge yesterday, stocks were ready to sky-rocket today.A round of upbeat earnings reports from high-profile Dow components provided a nice alibi for the bulls, with traders cheering quarterly results from the likes of 3M Company (MMM), AT T (T), and Caterpillar (CAT). Positive economic data (albeit suspect and somewhat contradictory) from the euro zone provided an additional boost, and the Dow finished up with a 200-point gain by the time today's session ended. And just like that, things are better, said Schaeffer's Research Senior Technical Strategist Ryan Detrick. As ugly as yesterday was, today was just as nice for the bulls. Earnings across the board came in very strong, and buyers stepped up.