Buy When The News Really Stinks

With all of the bearish news out there, I guess I shouldn't be surprised to see stocks rally. After all, given the strong precedent set by the rally following the London terrorist attacks, the trading rule that continues to pay off lately is to buy when the news really stinks.

Clearly, some end of the month portfolio dressing was probably in play, though trading volume overall showed little to no conviction. What else is new, right? Unfortunately, these kind of rallies frequently alleviate one of the most powerful positives for the market - that we're currently oversold. Another day like this, and that will no longer be much an issue.

I'll see you tomorrow and best wishes for a pleasant evening.