It's hard to tell from the chart but today's volume was above average and higher than yesterday so this extension looks like an accumulation day. Haven't had one of those in a while. We achieved new recovery highs in the last hour of trade, but a late day dip trimmed the gains. We're coming into some resistance so it'll be interesting to see if we can follow through for a third straight up session tomorrow. I'm not holding my breath.

FED policy makers left rates unchanged at 5.25% for a ninth straight time. Even though the market was unrealistically optimistic about the Fed coming to Wall Street's credit crunch rescue, the academics only acknowledged the tightening credit conditions.