Today was a classic day after bad news is out relief rally. We got the bad employment numbers Friday, gapped down on it, and rallied. Basically that rally has just continued on to today. All the funds chasing performance bought and had no choice because others were buying. Now we're right around 2009 highs for the S&P. It's almost as if nothing bad happened and everything bad over the last 2 weeks has been forgiven. Very tough to be a short here, I am on the sidelines. It's back to the waiting game. I await a heavy volume trading day to put on my core position. We just might need to make new 52 week highs to get it.
Monday, November 9, 2009
Chase for Performance
Today was a classic day after bad news is out relief rally. We got the bad employment numbers Friday, gapped down on it, and rallied. Basically that rally has just continued on to today. All the funds chasing performance bought and had no choice because others were buying. Now we're right around 2009 highs for the S&P. It's almost as if nothing bad happened and everything bad over the last 2 weeks has been forgiven. Very tough to be a short here, I am on the sidelines. It's back to the waiting game. I await a heavy volume trading day to put on my core position. We just might need to make new 52 week highs to get it.
Subscribe to:
Post Comments (Atom)
Posts
No comments:
Post a Comment