There doesn’t seem to be much mystery to Friday’s trading action.

The much promoted interest rate increase coming on December 15^th was “cemented” (media term) as the Employment Report was “headline” positive.

There isn’t a time I can remember when raising interest rates was a bullish and positive event. Let’s just conclude there hasn’t been a period in history where interest rates have been near zero for nearly 7 years.

The Fed had heralded Friday’s Employment Report as representing “solid” economic growth. Most sane observers could only conclude the Fed had kept interest rates at “emergency” levels for far too long especially when the previous recession had ended 6 years ago.

Thursday the ECB disappointed investors for not providing enough stimulus with interest rate cuts. European stocks fell and the U.S. Dow fell over 250 points. But Draghi stepped back into the fray to um, “clarify” his previous remarks saying, sure “we’re open to more stimulus”. Friday there will evidently according to most pundits be an interest rate hike and the Dow rallied over 360 points.

Yes, it’s madness or the madness of crowds.

I don’t have the time to post a lengthy commentary this day, although it’s much deserved, as other commitments have me pressed for time. So what I’ve said here will, with your imagination, have to do.

Market sectors moving higher included: Just about everything.

Market sectors moving lower included: Energy (XLE), Brazil (EWZ), and Volatility (VIX).

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

Volume was heavy on the short squeeze from both Draghi and Employment Report. Breadth per the WSJ was quite positive.

I’m unsure whether friday’s rally was more about Draghi’s comment correction than the Employment Report. It’s tough to imagine raising interest rates, no matter how little, is bullish.