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2.7%  Q1 GDP    4.57%  avg. 30-year mortgage     9.5%  Unemployment

Markets Up at Opening

Wall Street was looking to extend its ongoing rally as stocks opened up across the board this morning.

In the first 15 minutes of trading, the Dow is up 95 points, or more than 1 percent.

The broader S&P 500 and the tech-heavy Nasdaq are both up more than 1 percent each.

The markets await two important housing reports due out at 10 a.m. today: the National Association of Realtors pending home sales index and the Commerce Department's report on construction spending.

Market analysts and traders are still trying to figure out whether this rally -- which began March 9 -- is a bear-market rally or the beginning of a bull-market rally.

Arguing for a bear-market rally this morning on CNBC was veteran UBS floor manager Art Cashin, who noted that overall trading volume has been decreasing during this rally, which, in the old trader's handbook, indicates a bear-market rally.

A bear rally is by its nature short-lived, meaning it's already on its last legs. After which, the markets will pull back, giving up gains they've made, before a real recovery begins.

-- Frank Ahrens
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By Frank Ahrens  |  May 4, 2009; 9:50 AM ET
Categories:  The Ticker  | Tags: Commerce Department, Dow Jones, National Association of Realtors, nasdaq, s&p 500  
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