What a week it has been, I think I came away with whip-lash due to all the market reversals that we saw. What was good news was bad news (GDP, Jobs, Consumer Sentiment) and what was bad news was good news (Consumer Confidence). That is why you shouldn’t get too wrapped up in what the numbers are vs. expectations (even though I do provide them), instead you should focus more on the reaction to them, and what its says about the overall market conditions.
Despite the early morning sell-off, the bulls showed they still have some gas in the tank, and I wouldn’t be surprised to see them ramp this market up even higher next week.
I did make one trade prior to the close (like 3:59pm) in the form of Patriot Coal Corporation (PCX). There was a few others that I wanted to get into but I ran out of time as the closing bell prevented me from doing so.
Overall on the day, I finished up 1.2% – very happy about that, considering the market was only up about 0.4%. Great way to start the month of October.
Here’s My Chart Analysis On PCX