Impressive Rally Off The Lows On Good Volume

Well, the end of the day is near and that was a nice bounce we had there starting just before 1pm. Best thing about the action today was the volume. In contrast to the rallies of last week, this one had some good volume. I especially like the way the market went below the lows of last week and even dipped below 12,000. That probably scared a lot of the "weak sisters" out and may just give us a chance to rally further. Who knows though? I'm just a trader and thus, my long-term vision is awful. Read the IBD the next week and let them tell you if the correction is over.

Anyway, I had my first good day since the disaster that was last week. I didn't get stubborn and try to short the market during it's midday run. I got long some stuff and even increased my position size since I regained a little confidence throughout the day.

Here are some stats:

Best stock of the day: SQM $763 (this on an early morning short)
Worst stock of the day: GHL $295 (the one stock I shorted during the rally)
P&L: $2378

My top 3 stocks all were in the fertilizer sector. I always find it easier to trade a sector because if one is working, it gives me confidence that one of the others may work as well. I used to do this all the time with oil stocks, but it's been awhile since I've traded them actively.

The key for me is to wake early tomorrow and build on the confidence I regained today. It's more important right now for me to focus on keeping my losses small than to worry about making big trades for gain.

I'll work on making my end of day stats more readable and clean. I still have a lot to learn about getting this blogging thing right.