The First Hour.....

Our markets opened with a boom and are continuing to rally, with the Dow and S&P both up over 5% after the first hour of trading. It was comforting to see that the profit takers did not swarm and erase early gains. There is not a sector to dislike, but the Energy, Oil, and Agriculture sectors are showing the largest moves, as they have been battered more then most over the last two months.
Two stocks that caught my eye at the open were GM and MS, up 30% and 52% respectively. MS is up on news that the capital injection of $9 billion from the Japan-based Mitsubishi Group was finalized, a move that was all but dead at the close on Friday. The Tech sector is living large on news of analyst upgrades for AAPL. The Nasdaq 100 Index is up 5.25% so far.
The only negative I could pick out of morning trading is that the most accurately valued financials (JPM, USB, PNC, MTB) are all down at the moment. This fact could point to an inflated run to the upside for the markets. However, with no major US economic news to be released today and trading volume picking up in so many of the unnecessarily beaten down sectors, I am convinced that investor confidence will remain strong throughout the day and the bulls will finally win won.