Nice rebound here and it should hold into the close.  Choppiness promises to continue, but a few sessions like this could alter the bias of the market.

Meanwhile, consumer sentiment is in freefall, as the Consumer Sentiment report plunged to 59.1 from 65.2.  The street was looking for 64.1.

All aspects of the report are problematic, but the buying conditions for durable goods, swooning to an all-time low, is a flashing red flag.  Ironically, the Fed wants to see this kind of lack of confidence, so the street likes the number, but in real life, it is not great.

There are a million miles to go on the upside, so we aren’t popping corks after a couple steps in the right direction.