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Should we chase this rally attempt?

When looking what the stocks, mainly those I was ready to buy back did this morning I said to myself “I should have hold them and I shouldn’t have stop loss applied. Today these stocks opened mostly with gaps and I could have made money.” Yeah. This is what I have tried last Friday and cost me money. There will be many other opportunities and chasing stocks just to make up previous loses is really a bad idea.

And the market can still turn down at the end of the day.

What is behind today’s rally? Just another hype based on Europe trillion dollar rescue plan. C’mon, is this anything solid? Stocks are rallying just because in Europe they will spend trillion of dollars to rescue Greece (which in my opinion will do the same job as throwing money out of the window) and other countries in troubles. Most likely they will have to print new Euros to do so.

The Wall Street is crazy.

I would agree jumping in if the rally would be based on the news of 290,000 new added jobs last month, but that doesn’t seem to be the fuel of this madness.

However, let’s see what the market will do today and next few days. Maybe the rally attempt will sustain and I can start buying back. This time with clear mind.

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