Thursday, September 18, 2008

Stocks Surging into Final Hour on Less Financial Sector Pessimism, Bargain Hunting and Short-Covering

BOTTOM LINE: The Portfolio is higher into the final hour on gains in my Computer longs, Internet longs, Medical longs, Retail longs and Gaming longs. I covered all my (IWM)/(QQQQ) hedges and covered some of my (EEM) short today, thus leaving the Portfolio 100% net long. Nikkei futures indicate an +330 open in Japan and DAX futures indicate an +50 open in Germany tomorrow. I expect US stocks to trade modestly higher into the close from current levels on less financial sector pessimism, short-covering and bargain-hunting.

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