Stocks Rebound Sharply

I was able to put about half of my cash balances to work last week on Thursday and Friday, while the market was down in the 1,285 area. This week we have had a nice bounce, bringing stocks back to above 1,315 on the S&P 500, with the four sectors I am focusing on – Technology, Industrials, Consumer Discretionary, and Financials leading the markets higher. I don’t think the correction is over yet, and still expect to see the S&P 500 down around 1,200 before the correction ends, but it is nice to see a solid bounce from the 1,267 low (intraday) on Monday the 4th to the close above 1,315 today, or about almost 4% over the past three trading days. I will continue to hold my cash balances that remain (about 50% of equity allocations), waiting to see if the market continues its down-trend, while enjoying some short-term upside for the positions I have added.

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