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Stocks up again on earnings

Last week I didn’t have time for updating my web site. There are only two facts:

1) The market was rising again, this time on earnings
2) I am no longer strongly convinced that the market will go down.

That means I will stay aside a bit in regards to trading SPY. We may go up to re-test 200 day SMA. This may be a beginning of a new bullish trend. But everything may be the right opposite. We do not have sure signal on which way the market wants to go.

Recently, it was literally knocking on the resistance level at $122.7 level and on Friday it broke thru. The law of technical analysis says that as many times the trend re-test the resistance or support as likely it will break it. We tested this level of resistance two times. The market hold at the highs amid bad news from Europe and the US economy. Now it finally broke up amid good news from retailers. But will this hold or is it just a bull trap? We will see in upcoming weeks if the market continues up, or turns down and retest its lows.

Happy Trading

Are you interested in my trades? See Exited trades here.
See my holdings and account value here.

3 responses to “Stocks up again on earnings”

  1. Sean says:

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  2. Anna says:

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  3. Parker says:

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