The market had its best day in months. If you are smart, you will ignore it. I will say it again, this market is not going anywhere. We may see a bear market rally, but we will stay in this low trading range for months as the market finds a base. When market moves violently, it is dangerous. You can not get in and out of positions very safely. So as much as this rally might bring a smile to your face, it could just as easily punch you in the nose when it reverses in a few days or weeks.
That being said, I did do a little bit of buying. I bought some material names by buying the ETF XLB. I think material names might be down from here on a pullback, but I think the long term picture for commodities is bullish so I'm starting a little bit of buying here. Overall, my portfolio had a great day. I own some Nasdaq, some energy names, and some financials. Most notably I am double long the financials here and long Morgan Stanley. Both rallied over 20% today which made for a nice little bounce in these names.
I am hoping for a rather flat to down market tomorrow as there was some buying I wanted to do, but did not want to chase anything into today's rally.