Top 3 Reasons Today’s Markets Were Up

Markets closed up on Wall Street: DJI +0.45% SP500 +0.64% Nasdaq +0.90% Gold -0.18%

The markets were up because:

• Volume was very light and markets defied all the negative news on the day. After reviewing the continued contraction in consumer credit, more bad news out of Europe, the Fed’s bad news, declining mortgage applications, Obama’s rejection of the Bush tax cuts, and crappy retail sales, there is no logical reason for today’s move up. However, there is great reason to look into agriculture like top investors Jim Rogers and Michael Burry >
• Federal Reserve Beige Book. The Fed said the economic malaise is spreading to new regions — but the news was already priced in. Read the Full Summary of Current Economic Conditions >
• Of interest (but surely not the reason for today’s rally) is a large sale of 500 MW of solar cells. China’s JA Solar Holdings (JASO) announced the news and the stock popped over 12%. Must Read: Your Cheat Sheet to Investing in Solar >