{+++} It was an insane day. The market open flattish then traded down as if we were ready to rollover, but then caught a bid at around 10 AM and rallied hard, led by the financials.
In pre market the financials were under presure after BAC and GS reported, but they spun the bad numbers and rallied the group. It was a surprise to me, but you cant fight Mr. Market, it’s a losers game. As aresult the FAZ trade ended pretyy much as a breakeven.
Later in the day there was a report out of the Guardian newspaper in London that the ECB had cpme to an agreement on their soverign nightmare. Stocks exploded, this was never confirmed, but the shorts ran for cover and the bulls pressed the issue.
When I saw this news, I added ERX, UYM and ARIA to the buy list. As you can see by the P&L we exited partially on ERX and UYM.
This market is moving very fast, even for me and I have an aggressive style, but I have never seem such a news driven market like this in my life.
Apple had a soft quarter and got punished, We are out of 3/4 APPL at nice profits and if you followed at home you kept 1/4 through the earnings report. We will see how it opens in the morning.
Get some rest as I’m sure tomorrow promises to be wild as well.