It was a mixed bag trading on Friday. Markets could make up their mind which way to roll. But as the day wore on the 2:15 Buy Program Express hit the tape launching another short squeeze leaving markets short term overbought once again.

One of the standout performers was General Electric (GE) which roared higher after analyst beating estimates. The reality was GE’s results were awful dropping to only 2.51 billing in earnings or just 25 cents per share from $3.54 billion for the same period a year ago. So, why the outsized rally. Could it be due to massive stock buybacks? Oh, why not? It’s worked much of last year.

GE is a fun company to rip in as much as CEO Jeffrey Immelt was Obama’s jobs czar who also recently announced 100,000 layoffs exceeding that much and more. Naturally they’ll also finance massive stock buybacks. Funny stuff Obama & Co stuffs in your face.

Market sectors moving higher included: Healthcare (XLV), Financials (XLF) Retail (XRT), Consumer Discretionary (XLY), Consumer Staples (XLP), REITS (IYR), Homebuilders (ITB), Crude Oil (US), India (ITP), Hong Kong (EWH), Shanghai (ASHR), Japan (EWJ), Hedged Japan (DXJ), Junk Bonds (HYG), and others.

Market sectors moving lower included: Industrials (XLI), Gold (GLD), Gold Miners (GDX), Silver (SLV) and a few others.

The top ETF daily market movers by percentage change in volume whether rising or falling is available daily.

I’ll conclude this shortened commentary with an enlightening post from Zero Hedge summarizing how many traders feel.

With Traders “Completely Lost”, Here are the Consensus And The Contrarian Trades

Let’s see what happens.