S&P Is Still Resting While Leading Stocks Are Breaking Out
"The harder you work, the luckier you get." -- Gary Player
NEW YORK (TheStreet) -- Markets were pretty flat Tuesday as they continue to consolidate recent strong gains but select stocks continued to do very well.
My trading did escalate very quickly today and I'm now heavy into stocks and even into margin a bit as some really great patterns are breaking out now.
As for markets, they still are resting while leaders lead.
After all, that is why they are leading stocks. They lead the markets in terms of breaking out and definitely in terms of returns.Let's take a look at the charts.
SPY still has a small head and shoulders pattern here that if it is to work should bring this exchange-traded fund back to 190. That said, a move and daily close above 195 should annul the pattern.The way stocks are behaving we may not see this head and shoulders pattern play out. We are in a very strong market at the moment.
Have a great night.
This article represents the opinion of a contributor and not necessarily that of TheStreet or its editorial staff. >>Why You Shouldn't Be Afraid of Rising Interest Rates
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