After reviewing my notes from the last few days I should have been “all in” on Friday. Things were just getting better and better. Traders were going home long, buying at the close across the board, etc.
We cut through S&P 850 like “buttah” and closed solidly at 874, up 3.3%. The Dow finished up 200 or 2.5%.
Advancing issues swamped decliners 2600 to 400. Volume was only OK so the rally isn’t as convincing as hoped. But the market closed near its daily high.
Money center banks are up 20% for the three day week.
Not claiming victory, not at all. There is too much that could go wrong and up-end this market.
One day at a time to see if S&P 900 now can be taken out.
I got caught up in the excitement and added to EWZ-the Brazil ETF, JNK-the junk bond ETF, FCXprM-Freeport MacMoran preferred; and ititiated positions in IBM and NLY-Annaly Capital Management and GE-General Electric. Also bought BAC-Bank America and traded it.
The foreign markets will likely be up over night so the burden will be on us to maintain momentum. Many stocks are falling in post-market activity.
Capital One, my short idea of a couple of days ago, is right back where it was, up 13% today.
