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Brian Johnson from TheStockMentor.com and a very nice push by the bulls this morning that actually started in the after hours last night. We hit a low last night on the futures of 1103 so that makes today's run even that much more impressive. The internals confirmed everything today so the only thing left for the bulls is a little confirmation into Friday.
As I've said 37 times already, I think we're in for a hearty rally to between 1250 and 1300, at which time I will short everything under the sun and use every penny of my buying power. Until then, I'm playing it light, and I am viewing any rallies with complete distrust.
There are, however, a small number of stocks that I think are worthwhile to short even now, and I'm going to share some of them with you today. I am 75% in cash, and the remainder of my portfolio is in a smattering of small stock positions and one large ETF – GLD. I think as the money flows out of safe havens like GLD and TLT and into equities, precious metals offer an interesting short-term trade. (Tip of the hat to my good friend Serge).