NEW YORK (TheStreet) --
"My mission in life is not merely to survive, but to thrive; and to do so with some passion, some compassion, some humor, and some style." Maya Angelou
It was a pretty quiet Friday all in all as the market continued to consolidate recent gains.
There has been some great action that should lead us nicely to the upside again, and by midweek or so we should see some new buy levels appear.We didn't do much Friday, but I did add to Clovis Oncology (CLVS) and also tried a bounce trade in Priceline (PCLN) that showed me a small loss so I was out. Let's move right to the charts.
The SPDR S&P 500 ETF (SPY) is so far holding the $193 level I talked about, but I think a little more downside looks to be in order. $192 would be a nice level to test but if that fails, then we should probably move back to fill the gap near $190 and that would be fine as well. This is a good example of what I mean when I talk about the great swing trading environment we are in at the moment. We saw a nice breakout in SPY at $190, then it hit $193 and then $196 level I've talked about before it reversed.
Had you held you'd just be giving up recent gains, so why not book gains once we reverse from a resistance level and then reload as we move off support? I did not take this trade, but we did the same thing in several leading stocks.
At the time of publication, Bevan was long Clovis. Fusion-io Soars Following SanDisk Buyout 3 Big Stocks on Traders' Radar This article represents the opinion of a contributor and not necessarily that of TheStreet or its editorial staff.