The Bulls were on a mission today – we opened up high, and then sold off on guidance being cut from Intel (INTC) and then what at first seemed to be a negative reaction to Bernanke speaking up at Jackson Hole, reversed course, again at 1037, and finished at 1064 on the day – a gain of 17 points in the positive on the S&P. The volume was strong, which isn’t surprising considering the flurry of news out today. I did hedge my portfolio around lunch-time with a large position in SSO (S&P UltraLong) and sold it at the close. As a result, I was only down 0.14% on the day. I closed out my position in Hershey (HSY) – never really took off, and I wasn’t too crazy about all the M&A talk going on with them and Nestle, so rather than hold it through Merger Monday, I just got rid of it.
Overall a very solid week for me and my short positions. I closed the week up over 2% despite the market being down less than 1% (today wiped out a lot of those losses on the S&P).
So get some rest, enjoy time with your family, and be ready for another Monday.