Yesterday the Dow, Naz, and S&P blew the doors off. Huge gains across the board...2, 3 percent in some cases. This is the moment when buying at the bleakest possible moment pays off and you watch your hard work pay off. I sometimes think of this exercise as the "price" I pay to actively trade the market. The act of overcoming fear and doubling up your position on a stock that is already down 10 points (Phelps Dodge for me, Alcoa for others yesterday). Having enough courage and conviction to hold everything all the way through a down turn. Wondering, "Does the market have a bottom close to where I've made this huge bet?".
But then a day like yesterday happens. You feel the palpable turning of the tide and realize that you just paid your price and now you can take your profits.
Looking for a big follow through today to put us on a path up. Interest rates seem to have worked their way through the news "meme" cycle and we are now left with a slew of outstanding earnings reports to propel the market for a bit. I'm hoping for a couple days of upside before we try to work anything off. I still think we have one more big down turn to go before we go for Dow 11,000.
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