Dear Trader,
Finally, the losing streak for the market is over! But, unfortunately, stocks closed well off their highs for the session. Obviously, the general bias of the market was to the upside. The news out of China indicating some signs of a recovering economy helped boost some of our long choices at the open. This resulted in some big gaps for a couple of our picks, but the pullback in the last 30 minutes of trading resulted in muted gains.
Since we are in a down market, it is generally not a good idea to maintain long positions overnight, until the market proves it can sustain a rally for more than a few days on occasion.
Watch for a quiet session on Thursday ahead of Friday's employment report.
Good Trading!
Scott Cole
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