A Bit of a Market Surprise #SassyMusings 7/28/14

  • Ok let’s be honest, a strong bounce off lows this morning really isn’t any surprise. At least it shouldn’t be.
  • Things definitely looked bearish this morning, but the bearish stuff I read all weekend was a little much. Seemed everyone was expecting a correction. I just can’t follow along when we are clearly in an uptrend and bearish posts are picking up in volume.
  • I bought QQQ options this morning after I saw the bounce hold steady. I also bought SOHU as that bullish engulfing candle after the earnings drop looks very encouraging. Plus China names are on fire. I’m still holding GOGO, GOOGL and GMCR which aren’t doing as wonderfully as others. SUNE finally making a move and HPQ still looks fantastic.
  • If you recall I said I was playing GRUB for earnings. Once this gets through its IPO price of $40 it’s going to go vertical.
  • We still have lots of news/noise coming out this week as I mentioned over the weekend that can send stocks and the indexes all over the place, but for now dips are still being bought so don’t fight that.
  • Chart of the day: Looking for some follow through now. SOHUScreen Shot 2014-07-28 at 3.53.44 PM
  • Tweet of the day: nothing
  • Regret of the day: none

Enjoy your evening.

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