The market does not beat them. They beat themselves, because though they have brains, they cannot sit tight. – Jesse Livermore
Guess what I’m going to say today.
Down, up, down. All we’re seeing is more chop and failed breakouts for the most part.
E-Commerce China Dangdang Inc (NYSE:DANG) hit a recent buy note at $14.50 but that note came with the caveat that most breakouts are failing so I avoided it.
Cash remains the place to be with very few exception.
Our dividend stocks are holding up and paying very handsomely and are reserved for subscribers, but other than that, I’m just watching stocks and markets until we see a change.
One of the best things about trading is that you have to work hard when the markets tell you too and you can take some time away the rest of the time keeping a looser eye on them.
SPDR S&P 500 (ARCA:SPY) tried to breakdown below the bear flag and 100-day moving average right out of the gate today but my rule of not trading for the first half hour, at least, kept me from shorting it and taking a loss.
This needs time to setup here and I’m not 100% sure yet if this will become a nice bear flag or not.
Time will tell so until then, enjoy the summer.