Picked up some shares of QLD at 49.75 and sold them at 12:30ish at 50.95 for a nice 2.5% gain. This trade was to take advantage of any type of reflex out of the markets after the mornings sudden and swift sell-off at the open. I got exactly that with the NASDAQ marching back into positive territory.
If this market can stay near its current price level or improve upon it, then this is a really bad sign for the bears who really tried to change the tune of the market this morning using the downside surprise in the PMI to send this market lower, and all they did was create a buying opportunity for the bulls to take advantage of.
I also thought that it was a good gesture by the market to hold the support level in the NASDAQ at the 2085 level.
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