ATR - End of the Day Comments
The markets rallied into the close. No, you don't have to read that again, it isn't a large typo. Stocks actually closed at their highs for the day on positive breadth and heavy volume.
Higher momentum names that have been beaten to a pulp actually showed signs of life as bids reappeared and stocks traded higher. We participated in some of the action on the long side this afternoon but have yet to do anything grandiose, as there is still a tremendous amount of repair that must be done before we can feel comfortable with this market.
With the barrage of data out today combined with further hawkish fed comments that were once again not welcomed and very irritating, it was very nice to see stocks advance ahead, considering these variables. It leads us to believe that much of this data has already been priced in.
While the close was refreshing, a couple of solid hours are in no way the green light to start loading up on stocks. We will evaluate the action a day and a stock at a time. Any buying that is done must be done with the intention of keeping the time frames short and stops tight.
Rest up this evening and well see you back here bright and early.
Have a good evening.
RevShark