Market Recap: After a initial sell-off of the markets on the FED taper headline, we reversed course and rallied extensively. We had mentioned at length in the AM meeting, and the pre fed meeting how the first move is typically the wrong move. When the initial Taper headline came out, we impulsed down sharply straight through lows. At that point it seemed obvious we were not going down much further and had the scenario for a reversal.
We started calling out longs, and basically a rising tide raised ALL ships and we had out biggest up day in quite a while. Gold which was up sharply earlier has 180 degree reversal and closed on lows - and looks lower short term
Earlier online trading room post at 3pm seen below http://tos.cc/8k8x6r
Classic intraday chart showing 1st move is the wrong move on Fed day seen here $ES_F $SPY $QQQ >>>
Markets ended closing up 1.85 in the S&P and Dow, The Nasdaq ended up 1.15%. This is after we dropped 15 points on the SP initial. So the total range for the day is significant. Around 2.5%!
This is a solid indicator for stocks for the rest of the year and the fist quarter next year.
Overnight Longs:
$F Ford
$CCL - Has earnings tomorrow am
$VNDA - Expecting FDA approval 1/31/13
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