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Even though the major indices are all flashing red today, the reason why the market feels so indecisive overall is because we are working through this triangle on the 30-minute chart of the SPY. Until this pattern resolves one way or the other, a long/short approach can and is working well, such as my FIRE long and AAPL short. Which side will eventually prevail out of this consolidation? I am keying on late-stage base names like AMZN CRM DECK LULU PCLN to see if they follow GMCR NFLX‘s breakdowns, or if we are simply transitioning into more of a stock picker’s market.
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Good post. I’m watching that same triangle.