Big Rally Underway (DIA, SPY)

At 2 p.m. Eastern, all of the major equity indices were in negative territory for the day. Since that time, however, a major rally has materialized and the Dow Jones Industrial Average has taken back the key 11,000 psychological level, and is currently trading 67 points higher at 11,085. The S&P is 3.72 points higher at 1,195. The Nasdaq is slightly lower on the day at 2,477.

For awhile today, it appeared as if we would have another negative day after Friday's sell off in the wake of the SEC complaints against Goldman Sachs (NYSE: GS). That no longer appears to be the case with a little less than a half hour left in the trading day. If the averages finish on their daily highs, this may be a bullish indicator heading into tomorrow.