The bulls (or perhaps more accurately, the bull algos) put on quite a show again on Tuesday. For the fourth day in a row, stocks rocketed higher and the S&P 500 finished with the best one-day gain in more than a year. Not bad for a market that had been left for dead four days ago, right?
Remember, it was just four days ago that the sky was falling. The market was cratering. And there was fear in the air. Just four days ago, the S&P was down -7.4% from its high – and it took heroic measures (and some surprisingly kind words from Mr. Bullard) to keep the decline from reaching double digits. And just four days ago, a fair number of investors were ready to head for the hills and never invest in stocks again.
Four days ago, any long exposure felt like WAY too much exposure. Four days ago, investors were calling worrying about their portfolios, their strategies, and heck, even their financial futures. Four days ago angst was the watchword. And four days ago, it seemed that the bad old days had returned with a vengeance.
But now…
David Moenning
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www.HeritageCapitalResearch.com
David Moenning is Mr. Moenning is President of Heritage Capital Research, a privately owned, investment research firm. Heritage focuses on active risk management and an “own the best and ignore the rest” equity selection strategy.
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Positions in stocks mentioned: none
The opinions and forecasts expressed are those of David Moenning, President of Heritage Capital Management (HCM) and may not actually come to pass. Mr. Moenning’s opinions and viewpoints regarding the future of the markets should not be construed as recommendations of any specific security or Heritage Capital program. No part of this material is intended as an investment recommendation. Neither the information nor any opinion expressed constitutes a solicitation to purchase or sell securities or any of HCM’s programs. Do NOT ever purchase any security without doing sufficient research. There is no guarantee that investment objectives outlined will actually come to pass. Investors should consult an Investment Professional before investing in any investment program. Neither Mr. Moenning or Heritage Capital Management nor any of their employees shall have any liability for any loss sustained by anyone who has relied on the information contained herein. Mr. Moenning and employees of HCM may at times have positions in the securities referred to and may make purchases or sales of these securities while this publication is in circulation. The analysis contained is based on both technical and fundamental research. Although the information contained is derived from sources which are believed to be reliable, they cannot be guaranteed.
