In an about face, the markets rallied right out of the starting gate yesterday and never looked back. In the end, all of Tuesday’s losses were made up, and the S&P; 500 closed at the exact number of last Monday.
Powering the rebound was a bullish report on jobless claims along with positive individual stock stories. Two other catalysts helped as well due to no new announcements: No shooting in Korea or any earth shattering news about the European debt crisis.
As I mentioned yesterday, several of our holdings were slated to be sold, unless a rebound materialized. Well, materialize it did and prices of the effected securities pulled back below their respective stop loss levels, so I did not execute any orders but one.
Friday will be a short trading session so I don’t expect much volatility, unless unexpected news events from the current world’s hotspots hit the news wires.
In the meantime, I wish you a very relaxing Thanksgiving Holiday.