Morning traders. Market wrap: U.S. stocks charged higher for a...

Morning traders.

Market wrap: U.S. stocks charged higher for a fourth straight night after noted economic bear Nouriel "Dr Doom" Roubini predicted the country will emerge from recession this year.

Stocks were weighed down in morning trade by concerns that commercial lender CIT Group will run short of cash. But the market turned north after lunch when the New York university professor, credited with predicting parts of the financial crisis, said the American economy will improve sooner than he originally thought. Also helping sentiment was a drop in jobless claims to a six-month low.

The Dow Jones index added 1.1%, the S&P 500 rose 0.86% and the Nasdaq 1.19%. IT stocks continued to benefit from optimism after Intel's quarterly profit result, and the resources sector crept higher.

Crude oil futures were carried north by the equities rally, adding 0.78% to recently trade at $61.98. Gold eased less than 0.5% to $936.50 as worries about weakening investment demand offset a falling dollar. Buying positions held by investors in gold futures fell last week for a fifth week. Base metals were mixed, with copper falling for the first time this week, slipping 0.25% in US trade, but aluminium added 2.6% to threaten its old resistance level.

Futures traders expect our market to start the last day of a remarkable week strongly in positive territory. With 25 minutes left to trade, the SPI was 40 points higher at 4015.

TRADING THEMES TODAY

BREAKOUTS: After seven weeks of the market drifting sideways/lower, suddenly lots of stocks are pushing up to their old resistance levels. It's worth scanning the charts and setting alerts near these levels because moves through resistance tend to be sharp and very profitable. These events are a mainstay of the day trader's diet.

FRIDAY FADE: Gains on Friday tend to held back by profit-taking at the best of times but after the week we've had, the temptation to lock in profits will be extreme. I'll be wary of buying after lunch - sooner if the market turns south quickly. You can bet that short-sellers will be scanning the market for opportunities, if they haven't locked in already.

CELEBRATE: After seven weeks of dull, nickels-and-dime trading, this has been one of the most extraordinary and unexpected runs on the market that I can recall. I hope you've all done well out of it. You gotta celebrate these times because they don't come along that often. Cheers!