Turned out to be a complete head fake. I've been fooled a few times lately, trying to use momentum as a buy signal, not just for HOT, but for a number of other names as well. Just when there seems to be a definitive move upward, a headline about higher for longer or about war in the Middle East completely reverses things.
I don't expect markets to be predictable. But a little continuity or stability would be nice. Today, the TSX was down early, then something caused a burst of enthusiastic buying around 2 pm or so, followed by another selloff. Altogether, it made for a nearly flat day, but with a range of almost 300 points in between. Strange and a bit confusing. I'd probably be better off checking in on my portfolio once a month and try to ignore the daily noise. But it's difficult, because, given the state of things, it feels like I need to be ready to sell or buy at a moment's notice.
Perhaps when the first rate cut is announced, we'll be able to enjoy some breathing room.