Just last week the market was falling apart -- remember? Today, the $SPY performed better than the $QQQ or $DIA, and market breadth suggested it was going to be a tough day for the bears to fight back.
For the record, I remain long low-beta stocks, with some oil, the $QQQ and $VB trades, and some cash.
If I had to give an opinion, it's probably the same one everyone else has. That is, the market will probably rally to some point, and then pull back and retest the previous lows. But to be honest, it's tough to have that kind of typical and practical view of a correction, when there has been so many external headline events smacking us around. From Europe, to the S&P downgrade, to the debt ceiling fight, to slowing economic numbers, and to the tragedy in Japan, it seems as if we have had constant motion to keep us all a little unsettled.
Yet, the market is now above the S&P downgrade!
Many wonder if this is like 2008 all over again. But this time, I think company balance sheets are much better off.
***
The days are getting shorter, as I really have to hustle to get a bike ride in after work...