Stocks shot up 4 percent on Thursday as bargain-hungry investors overcame the recent wave of fear that drove selling over the last two weeks.
Thursday's rally marked the second bounce in a yo-yo week. After a sell-off that pushed the S&P 500 down as much as 17 percent since July 22, the market is showing some signs of regaining its footing.
The Dow Jones industrial average surged 423.37 points, or 3.95 percent, to 11,143.31. The Standard & Poor's 500 Index shot up 51.88 points, or 4.63 percent, to 1,172.64. The Nasdaq Composite Index jumped 111.63 points, or 4.69 percent, at 2,492.68. (commentary & photo courtesy of Reuters)
The market reversal hit all my short funds and stopped out four positions for –1.0R losses. This market volatility is something else. This is a dangerous and volatile market and be careful not to get burned.
No new RSI picks today. Catch you later.