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In the blog post the other day, I mentioned that I thought we would see a buying opportunity if the market pulled back to the 1055 level. As you can see on the chart above, the market did in fact pull back to that level at the open this morning after the initial reading of earnings reports from IBM, Texas Instruments, Johnson & Johnson, and Goldman Sachs disappointed investors.

We used the opportunity to buy some Intel, Old Republic, Hawk Corp, Petrohawk, and Novo Nordisk. As investors digested the earnings reports, they appear to have come to the conclusion that maybe the forward projections are not as dire as first read, and they have moved the market back higher to the point where we are positive on the day.

This is one of the craziest markets I’ve ever been a part of and it requires that you pick you entry and exit points with care. Stay tuned to the blog and we’ll do our best to help you understand the points we choose and our reasoning behind them.

Earnings season has been rocky so far, but probably better than anticipated. We just seem to be getting some sell-the-news reactions that started with Intel late last week. The goal is to survive and make money in spite of the irrational reactions by the fast money crowd.