Seems Like Healthy Action
It is very slow-going out there this Friday morning as profit-taking picks up and buyers stand aside. The downside is still well-contained, but at this point I'm not seeing much enthusiasm for buying. Stocks are still a bit extended, and further consolidation would not be a bad thing as we wait for earnings season and prepare for a market run at the September highs.
Some flat action in the SPDR S&P 500 (SPY) would actually provide for a decent looking cup-and-handle pattern as earnings start to hit. Keep in mind that a failed cup-and-handle transforms into a double-top formation very quickly. But, at the moment, the action is still constructive, and the bearish arguments are not working....119 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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