SPY Consolidates For A Breakout Into New Highs

Published 11/05/2015, 02:17 AM
Updated 07/09/2023, 06:31 AM
SPY
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SCMP
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SALE
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“If the nation’s economists were laid end to end, they would point in all directions.” Arthur H. Motley

We saw some weakness today and then some recovery in many stocks, but the action is still good, with leading stocks holding up very well and even rising in many cases.

We can’t expect things to rise every day and backing and filling action is very constructive.

I was finally stopped out of one of our positions, which I made the mistake of holding over earnings, O:SCMP.

Can’t win them all but we are winning a lot!

I also tried some O:SALE today but ended up taking a small loss since I only took a small position.

SPY Daily Chart

Nice action as N:SPY consolidates for a breakout into new highs soon by the looks of it.

I’ve said it here recently and will again, it looks like we are back into a buy the dip market, so that is how I’m playing things.

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