A week of whiplash: Stocks drop then rally, Fed stands pat, jobless claims drop

So much for the Emergency FED meeting. US Jobless Claims surprise to the downside – igniting a rally in stocks. Oil up, Gold up, Bonds down. I’m having a Martini! Ok, let’s get this right – the Initial Jobless claims fell claims coming in at 233k vs. the expected 240k and 16k below last weeks 249k and on that – the market had it BEST rally in 2 years? Is that what happened? I just want to be clear here - The Dow rose fell 685 pts or 1.76%, the S&P added 120 pts or 2.

And so, for those without a plan, that followed the crowd out, are now following the crowd back in…. It really is a tangled web we weave. It doesn’t get any more complicated than that. Tech up 3.7%, Industrials up 2.3%, Healthcare up 2.2%, Consumer Discretionary up 2.2%, Energy up 2.1%, Communications up 2%, Financials up 1.6%, Basic Materials up 1.5%, Consumer Staples up 1%, Real Estate up 0.8% and Utilities up 0.1%. The contra trades got whacked the Dog – 1.7%, SH – 2.2% and the PSQ -3%.

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