Yesterday was the worst of times. Today was the best of times. $SPY
Yes, just one day after we were all ready to throw in the towel and declare a bear market after a 2% pullback in the market, all was forgiven and forgotten today as the market staged it’s best day in 2014.
U.S. stocks rallied to their best day of the year Tuesday as investors welcomed stronger-than-expected retail sales, got a boost from Google Inc. and Apple Inc., and absorbed earnings results from J.P. Morgan Chase & Co. and Wells Fargo & Co.
Okay, so after yesterday I decided to lighten up on the bounce this morning. I lightened up on some SPY. My thinking was that early strength would be met by institutional selling late in the day.
Nope. Didn’t happen.
I’m about 50% cash at this point. Hello, 2014 whipsaw! Looks like the market wants to go higher. Volume was a bit lighter today than yesterday, so that isn’t the way it’s supposed to work.