Stocks Show Signs Of Life in Abbreviated Session

Today\'s abbreviated session showed nice gains, with the Dow adding 182 and the S&P 500 gaining 24. Two of the most beaten down groups, financials and retailers, had healthy rebounds. The Financial Select Sector SPDR (AMEX: XLF), an exchanged traded fund (ETF) for the financial group, gained 2.4% today. Retail HOLDRs (AMEX: RTH), an exchanged traded fund (ETF) for the retailer group, gained 2% today.

E*Trade (Nasdaq: ETFC) was as standout on the NASDAQ, gaining 25% today on takeover speculation. The stock has been obliterated recently on bankruptcy fears as its deteriorting mortgage portfolio has put the company at risk.

Shortened sessions often show exaggerated moves, so traders are taking the gains today with a grain of salt. Monday will be the true test to see if there are any real buyers in this rocky market.

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