We are back to flopping around on a daily basis, with bull and bear traps alternating turns.
The small caps have yet to resolve much of anything, and remain overall weak. The hourly chart for the ETF, below, shows a diamond pattern after the correction since March. In other words, there is a whole lot of wild indecision without much to go on.
Some plays are bouncing back in damaged charts, such as Amazon, with room to push higher yet. But the amount of quality setups remains shockingly low. I am back to full cash and may stay that way into the long, holiday weekend.
If I do play, it will probably be in a similar kind of FEYE long trade I had earlier this week. Specifically, I am looking at YELP for a reversion rally.
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if the bears need bull traps at this level …be sure there’s no flush ahead ..
the game is north ..
188 on SPY has been a serious price magnet to everyone’s frustration. What do you do when the market goes nowhere every day?
Smoke a ton of cashish, manufacture wins, and stay quick.
Your $DDD trade might work after all. Nice set-up!
Not bad