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Great Rally After The Selloff

Today the DOW had one of it’s top 6 days in history after it’s worst week in it’s 112 year history. Everybody is jumping for joy and looking forward to the rest of the week. But let’s be real, I said in my earlier post this morning that the markets don’t turn around this quickly.
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We still have a lot of work to do before we can reap the rewards of what has been done in the financial sector over the last few weeks. I’m very happy from today’s gains, but I’m realistic in the fact that this has to come down from profit takers within the next few days. With my interest in Morgan Stanley, my portfolio is up an average of 25% today.
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What we witnessed today was investors and traders getting in on some great deals after a major sell off last week. Most of the trading wasn’t based on fundamental, but on the fact that many hedge funds and other entities were trying to raise capitol and cover margin calls. no matter what you were invested in (except GE and ABX), you made some big gains.
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If you are up in any stocks at this time, you might wnat to think of taking some off the table for when we will have a down day (and believe me, we will have one soon). It’s better to miss out on some short term gains than to lose out on the ones that you made already.
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DOW @9,387.61 +936.42 (+11.08%
NASDAQ @1,844.25 +197.74 (+11.1%)
S&P 500 @1.003.35 +104.13 (+11.58%)
Oil $81.85 (+$4.15)

Hang in there and happy trading.

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