A Quick Overview of Today's Action

As noted on Friday,* the 1905 level which we and others (just about anyone with a keyboard) thought would be support two weeks ago, wasn't and turned out not to be resistance either. S&P 500 1941.28 at the close.
From Between the Hedges:

Stocks Surging into Final Hour on Central Bank Hopes, Diminishing Ebola Fears, Earnings Optimism, Healthcare/Energy Sector Strength

Posted by Gary .....at 3:30 PM

Broad Equity Market Tone:

• Advance/Decline Line: Substantially Higher
  

• Sector Performance: Almost Every Sector Rising
  

• Volume: Slightly Below Average

• Market Leading Stocks: Outperforming

Equity Investor Angst:

• Volatility(VIX) 16.63 -10.45%

• Euro/Yen Carry Return Index 141.97 -.71%

• Emerging Markets Currency Volatility(VXY) 8.27 -4.50%

• S&P 500 Implied Correlation 61.13 -7.45%

• ISE Sentiment Index 94.0 -31.39%

• Total Put/Call 1.01 +16.09%

• NYSE Arms 1.08 +21.96% 

Credit Investor Angst:

• North American Investment Grade CDS Index 65.88 -4.96%

• European Financial Sector CDS Index 70.17 -7.35%

• Western Europe Sovereign Debt CDS Index 33.30 -4.30%
• Asia Pacific Sovereign Debt CDS Index 68.36 -6.77%

• Emerging Market CDS Index 262.02 -.20%

• China Blended Corporate Spread Index 344.71 unch.
• 2-Year Swap Spread 25.5 -.75 basis point

• TED Spread 22.75 +2.25 basis points

• 3-Month EUR/USD Cross-Currency Basis Swap -8.25 +1.5 basis points

...MORE

*Friday's "Equities: Prior Support Is Now Resistance":

The 1905 line proved to be butter under the hot knife of sell orders and should not be much stronger on the way up. We are looking for new highs before the next major downturn. S&P 500 1885.91 up 23.15 on the day, DJIA 16,365.73 up 248.49. The 50% retracement of the entire downmove is 16,429.65.