Huge Rally-2 New Longs


She shorted the lows on Friday

Dow: +239.62…
Nasdaq: +85.98... S&P: +31.23…

What a turnaround indeed.  The market lost its bowels on Friday as it went out on the lows of the day, but today, after a sluggish open, managed a huge rally.

A follow through day will be important for the bulls tomorrow, and as I always say, the second day is even more important.  A follow through day will be important, but at the very least, the bulls cant give this one back.

The market weighed comments from various Federal Reserve officials ahead of the central bank’s self-imposed blackout period, which begins Tuesday, ahead of their next policy meeting Sept. 20-21. While statements last week raised concerns that the Fed could tighten policy faster than expected, some of those worries abated today as it looked like they may have tried to walk back their hawkish tone.

However it turns out next week, this will probably one of the more interesting FOMC meetings (Federal Open Mouth Committee)  in a while.

Biotech ( IBB) may have got its groove back today. IBB (+3.1%) managed an 11 point rally off the lows today and took back its 50 and 200 day moving averages and closed just pennies below its 21 simple moving average. It was very strong effort and as you know this is a very important sector in when you talk about the risk appetite of the market.


If you watched last nights video I only mentioned three longs that I liked. I added 2 of them today in TSRO and CLVS.



Have a great night.

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