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It’s hard to fight the Fed. Today was a morphed form of QE3 in my opinion. Bernanke said that rates would probably stay low until the end of 2014. That’s a long time in market years. Whether Bernanke will be right in his prediction is yet to be seen, but the market loved the news and the shorts covered. LEN and MCP stopped out and I sold FAZ at about a breakeven as the market started to rise.
I also added new names to the long list during trading today so please check the P&L as I added the stops for you.
Energy and commodities in general had the hot hand today and gold and silver woke up. Let’s see if we can get a good follow through day to the upside tomorrow. I still have FXE on as a short and I will be watching the euro closely tomorrow.
Here are a few names that I am watching from the long side: CREE, CROX, EBIX, HAL, JEF, MOS, SOHU, TLEO & ULTI
If I decide to enter any of them tomorrow I will let you know.
Have a great night.