The market liked stocks today after they hated them to death yesterday. This is our new normal right now as it finds its legs.
The Dow snapped a three-day losing streak, gaining 293.03 points, or 1.8%, to 16351.38. Some of the sectors that have been hit hardest in the recent pullback regained some ground, with technology stocks and biotechnology shares leading the way.
Trading volumes on Wednesday were the lowest in two weeks, suggesting investors remain wary of diving back into stocks.
Crude was the “big thing” today. As you know we were long crude last week, made big money and today I went short. Today my entry was around 91, it ran to 94 then closed around 86. This is how they trade. Anyway my stop is around 81.
See you in the morning.