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It was one of the most bizarre market days in a while. On the heels of Steve Jobs resigning from Apple, Warren Buffet stepped up and bought $5 billion in Bank of America stock. The shorts in the financial sector were squeezed, but the rally didn’t last long at all and the financials folded like a tent and closed near the lows of the day. We also saw the DAX in Germany have a semi flash crash of about 4% in about 15 minute today, so things are still tenuous at best out there.
By the way, if you are at all able to get on our chat room during trading hours, please come in and say hi. We had a good day trading FAZ . We traded it three times for a total of about 7 or 8 points. We also had a quick trade for about a buck in DGP which is the double long gold ETF.
I realize some of you can’t get to the chat and we don’t day trade that often, but pop in if you can. Some of the swing trades got stopped this week and I’m trying my best to trade around those names when possible during the day if the opportunity presents itself. The market moved too fast today for email alerts.
Tomorrow is the big day in Jackson Hole as Bernanke speaks. I’ve been saying this may be a whole lot of nothing and we will see if I’m right. This market can still go either way in explosive fashion at any time.
I have a monster hurricane coming my way and I’m about 300 yards from the beach so I will not be trading tomorrow, but I may pop into the chat if I can. Good luck tomorrow and if you see me floating by, throw me a rope.
Check this out.
http://youtu.be/AlPqL7IUT6M