Now that’s the way to start a new quarter — if you’re a bull. The market shot out of the gate today, and except for a brief dip in the morning, never looked back. We were certainly due for a bounce, based on how oversold the market was. The S&P and Dow are now looking to have successfully tested their 50-day moving averages. (A pretty normal occurrence in a bull move.) It’s also now looking like the levels I pointed out on 9/25 are back to being support… for the moment. This market has definitely gotten much more volatile and is getting real whippy. Despite all the distribution days, I think it’s still wise to play this from the long side for at least the next few days, but with tight stops just in case. Let’s see if we get any follow-through to today’s rally.
