I hope you didn't buy this rally this morning as we faded hard in the last 2 hours of trading with the NASDAQ actually ending the day down almost a percent. With the lame-stream media predicting Armageddon if we don't get QE3, it should tee up some hedge fund short the Euro Financials to drop a rumor about Greek default and really try to take our legs out tomorrow. There was some very bearish action in one of my favorites Baidu (BIDU) which looked like it would finally break out of it's trading range early in the day only to do a complete 180 and end up down over $5 to $139. For a company with supposedly strong fundamentals this action is pretty off-putting and I'll be digging for some answers over the next couple of days. Apple also reversed form its intraday high but still managed to eek out a small gain and close above $413. Oil and gold both ended higher. I don't expect much movement one way or the other tomorrow until Bernanke starts speaking around 2PM EST but be ready to start putting some cash to work.
This is not a recommendation to buy or sell any securities. DAK was long AAPL and BIDU at time of publication but positions can change at anytime.
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