Market Update - 9/4/2009

Dow Jones Industrial Average: +96.66 or 1.03% at 9441.27

S&P 500 Index: +13.16 or 1.31 at 1016.40

NASDAQ Composite Index: +35.58 or 1.79% at 2018.78

NYSE Internals: 2448 Advance. 577 Decline.

Market rallies on worst than expected Unemployment numbers. The highest unemployment in 26 or so years. Great news!

The alternate count is now in play. We have what appears to be an ABC correction from the lows. This should complete Minute wave 2. Closing right at resistance on the SPX doesn't help though. Tuesday can go either way.

But if we did complete Minute wave 2 today, Tuesday should be down. If that's the case, we should take out the lows of 992.

The VIX continues to get hammered, which in a way is good. If and when we head down on Tuesday, the VIX should have a nice pop.