The Wrap 8/17/10

{+++} Broad buying in light volume gave stocks strong gains, but the effort failed to take stocks through the key resistance level of 1100. Maybe tomorrow but the bulls certainly enjoyed a nice break from the slow light volume down slide that we have been in.

The major indexes hit session highs after Federal Reserve Bank of Minneapolis President Narayana Kocherlakota said the central bank does not have new doubts about the recovery

M&A activity may be starting up as Potash (POT) rejected a bid from long rumored acquirer BHP. Potash moved about $30 today. Amazing.

We took some partial gains  today in GMCR and FCX and moved out of all the JOBS position. I have adjusted some stops so please refer to the P&L. We still have some names to manage so there wont be any new names tonight. I want to see if today was more than just a one day wonder before we get too aggressive with more ideas. I hope you had a great day. I have been busy with meetings, but that is done for now, so I look forward to being back at the trading desk tomorrow.

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