Run For It!

Investors have been starved for good news and today they finally got some.

Whatever concerns the market had over "the slowing economy," "credit crisis," and "inflation" were thrown out the window once things got going to the upside. When the market really wants to believe in something on a collective basis, there's little that can get in its way.

The largest gains were found in technology (see USD), basic materials (UYM), real-estate (URE), financials (UYG), metals & mining (XME), agribusiness (MOO), and, of course, oil & gas (DIG). The biggest losers? Well, anything leveraged short got creamed. In fact, investors also dumped their safety positions in the TLT, IEF, and TIP as concerns over inflation melted faster than ice cream on a hot summer day.

Aren't option expiration weeks fun?