So investors like me are bargain hunting today… I am glad I was cash heavy into yesterday’s trading but I do wish I had covered ALL of my short exposure yesterday. That said, this bounce here looks kind of sketchy because it was a gap up — gaps usually get filled. In other words, because the rally was a late night futures driven “ramp job” and not a gradual ease higher, this type of action might easily be reversed. In any event, I think the downtrend is over for a while so I would not be shorting anything right now but I do think remaining hedged or at least in a covered call stance makes more sense than being 100% long. If I were looking to add stocks here, I would consider buying the following:
COP
PEP
