The Fed's conference in Jackson Hole on Friday is the next catalyst for this market. Bernanke's comments will either add new fuel to the rally or yank the carpet out from under this bounce. Either way Friday could be a volatile session.
With so much riding on Ben's comments there is a good chance that stocks churn sideways on Thursday as investors wait for Friday's events. The exception might be the smart phone stocks.
News that Steve Jobs is resigning from Apple Inc (AAPL) has the stock down -$20 after hours. Rival RIMM is trading up after hours while NOK is not seeing much movement. I would keep an eye on RIMM. Prior to the Steve Jobs news today shares of RIMM broke out over resistance at $28 and its 50-dma. The move looks like technical breakout to buy the stock but there is additional and likely stronger resistance at $30.00. Yet the AAPL news could be a short-term catalyst for RIMM to rally.
Chart of RIMM: