Well, yesterday the market started in a positive tone and kept it all the way through. Being we didn't really sell into this Katrina calamity, the shorts pretty much threw in the towel resulting in a nice rally. Of which, sectors like the bios, marched on. ex. BBH is at a new high. They continued show their strength along with material stocks such as BMHC, which I traded off the open but sold too soon. Also, IPII reversed to show some green by end of the day. I am watching that one to see if it re-attempts that high.
This morning EFII is gaping due to raising numbers. I caught some of that last night and worked well. Also, some low floaterJCTCF, which is a lumber stock has caught a bid again. I watched it yesterday but being it is so thin and the spread is huge, I just observed.
Well, all in all, the market trades in it's own world where bad is good and good is gooder. It seems like no matter what you try to spin on the economy, the market totally ignores all risk and just kind of marches it's happy way. This is of course will only continue if gas doesn't stay at 3 bucks a gallon or we don't get a lot of earnings warnings shortly. Thus, trade the trade, not the money, bank the money and don't think too much, is the strategy.
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