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As you can see above on the 5-minute, intraday chart, the SPY quickly dipped this morning. However, the dip was aggressively bought, once again. Since then, we have been basing along for the duration of the session until now. Indeed, the market remains exceptionally challenging to those who wish to call a top or fight the prevailing trend higher.
We look to be in a stock picker’s market, as there are some issues doing well while others get smoked today. One idea in the financial space that I charted before was BPFH. Also, silver looks to be paying catch-up to gold, in terms of both the metal and miners. Finally, keep an eye on JIVE, a recent IPO that may be bull-flagging and ready to continue on higher.
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“However, the dip was aggressively bought, once again”
As it has been since around Dec 19th.
I submitted my proposal to change The Stock Market to:
* easy peezy
* free money
My friend told me that investing was difficult. I so laughed. How hard is it to buy on Monday and sell for 8% or more on Friday?
Tying my shoes is harder than gaming this market.
Awesome blog Chess! Straight outworking the competition.
hah hindsight = 20/20, thank you my friend
Not hindsight.. I’ve been 100% long MY MAN. Minus my insane TZA position.
Sincerely,
Senor Boolish
well played