Busy day for me as hundreds of rebalance trades had me swamped from 8:30 am on…it was kind of cool being able to pick up some stocks this morning that were panicked out of by those who “had” to sell yesterday for margin calls or whatever reason.
Stocks snapped back, the Dow closed up 3.9% (421 points) with almost everything in the green. Good to see.
That said, the pattern of 400 point swings back-to-back is not indicative of a healthy or constructive market. This is way more fun for traders than it is for mom and pop to watch from afar.
Gold gave up some gains after yesterday’s rocket launch through $1800 an ounce. In the meantime, a weak treasury auction and a touch of that risk-on feeling hit the bond market today as well.
Anyway, Daddy’s exhausted. This may have been the longest week of my life (and it’s still not over)…you guys get some rest, too.