The bears came running out of the gate looking to do some damage. New Home Sales gave them fodder. I panicked and sold my QQQ calls when they dove down. But, if I hadn’t panicked I would have had a much larger profit…I walked away able to cover commissions and a cup of coffee. 
By the afternoon the indexes had all turned green and kept pushing for new daily highs for the rest of the day. They backed off a bit at the close, but ended completely different then they started. Low volume was the only consistency.
Jobless claims on Thursday may give some fodder to the bears…or maybe the bulls. If we have a continuation day up with higher volume, we may be on our way to another bull run. I’m still treading lightly with 70% cash and 30% long in C F TBT and XLF.
Happy Trading 
Sometimes, entranced by the screens, watching equities, options and futures change colors, charts moving in a wave, and indicators pointing in every direction, I just have to scream....
0 Responses to “Nice rally off the lows”