China's rate cut.

China is scrambling to prop up its economy. The People's Bank of China made a 108-basis-point cut to interest rates on Wednesday after the markets closed, accelerating its recent policy of monetary loosening in the face of slowing exports and industrial production.
Earlier this week, the World Bank cut its forecast for economic growth in China to 7.5%, from 9.2%, though many economists expect an even slower rate of expansion, of anywhere between 2.0% and 7.0%.
China's benchmark rate now stands at 2.52%. The central bank also lowered its reserve requirements by 200 basis points for large banks and by 100 basis points for smaller banks on Wednesday.

Tracking the Dow on Wednesday,26/11/08.

Pivot Day of the Dow Index futures.

9:30am:--Nearly 200.0 points gap-down followed by a bullish spin.

President-elect Obama is scheduled to speak at another news conference today at 10:45 AM ET.

10:30am:--Bearish dark cloud.

Three economic reports hit the wires, including a larger-than-expected drop in durable goods orders.

11:30am:--2 Black crows.

There were 529,000 new unemployment claims for the week ended Nov. 22, which was slightly better than the expected reading of 535,000.

12:30pm:--Weak bulls holding on at session high.

October personal income rose 0.3% month-over-month (consensus +0.1%) and personal spending dropped 1.0% (consensus -1.0%). The PCE Deflator, an inflation measure, dropped 0.6%. Finally, October durable goods orders tumbled 6.2% (consensus -3.0%). Excluding transportation, durable goods orders fell 4.4% (consensus -1.6%).

1:30pm:--Bearish engulfing.

Just hitting the wires, the number of new home sales in October slipped 5.3% month-over-month to a seasonally adjusted annual rate of 433,000. This was worse than the expected reading of 444,000 and the lowest amount of sales since 1991.The November University of Michigan Consumer Confidence reading was revised down to 55.3 from 57.9. This was below the consensus estimate of 57.5.

2:30pm:--Ascending soldiers.

Former Fed Chairman Paul Volcker will head his new economic advisory board.

3:30pm:--Hangman at day's high.

Crude continues to rally, up 7.3% to $54.42 per barrel.

Buying interest in tech and automaker stocks helped reverse sentiment, sending stocks to their fourth consecutive gain.

4:00pm:--Closing at day's high with a hangman.

Caution ahead.
The indicies looks like at its turning point with a hammer warning.Profit taking may come in.

Investors on Wednesday snapped up tech stocks trading near their cheapest levels in five years, and renewed hopes of a General Motors bailout helped investors shrug off data depicting a worsening global economic downturn.

Looks like the speculators are back in action.Market seems to be positive whenever Obama is about to make any speeches.