The market held a rally today, rewarding those who bought the decline yesterday. Five straight bear sessions would have been a significant event and the bears, pleased with their results decided to pack it in for a long weekend. There are lots of potential catalysts for another down week such as this, so caution will continue to be key this month. At least there is a little sea room between now and the next Fed announcement.
I had purchased NFLX and AAPL at the close yesterday, having been previously stopped out of AAPL. They were two stocks that showed some resistance to the decline, and therefore probably a relatively safe bet for today's bounce. Unfortunately, AAPL was downgraded due to valuation by some hare-brained analyst who apparently was cat napping for the last 4 sessions. Luckily the stock did not gap down, so I was able to make a comfy exit at the open, wait until the stock bottomed and pounced around lunchtime. Sorry, I don't believe that this stock is done, and will hold this until it stops going up.
NFLX made an incredibly nice move in the morning thanks to buying interest and covering shorts. I stopped out with nearly a two point move, and rebought around 11:45am, hoping for it to test its early morning highs. The float is relatively small and short interest is relatively high. These facts that make it easier to earn money if you are an opportunistic swing trader.
I also bought CELG (another high trading volume stock), but was stopped out early and thus missed the move up.