Updated from 9:05 a.m. EST
The sharpest rallies always come out of the most brutal bear markets, and this week's enormous move higher was no exception.
Rumors surrounding a potential good-bank/bad-bank announcement, the potential passing of a stimulus package, and possible comments from Treasury Secretary Tim Geithner on Monday night all sparked a 5% move higher in the
However, coming into this week, it is my belief that traders will sell into this news, fully living out the mantra of "buy the rumor, sell the news" action.
That is why I've set up an extremely defensive
for this week (including
To read more,
In Monday trading, shares of Patriot Coal closed at $5.77 (up 11.6% for the day).
At the time of publication, Altucher and/or his fund had no positions in stocks mentioned, although positions may change at any time.
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