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For S&P 500, Better Action Today Amid Still-Slow Summer Trading

"The best traders have no ego. You have to swallow your pride and get out of the losses." -- Tom Baldwin

NEW YORK (TheStreet) -- Today we saw much better action than we have seen for a long time -- with stocks behaving well, including some breakouts.

We've seen so many breakout failures and poor action lately. But Tuesday we saw that change, at least for a while. It doesn't mean we are out of the woods, but it does mean I am not 100% cash anymore. I'm still using relatively small positions, just dipping my toes in the water. But so far the water feels good and safer.

Things did slow in the afternoon a bit. But all in all it was a much better day than we've been seeing of late.

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Let's kick it off with the index charts.

The S&P 500 SPDR ETF (SPY) looked great today, although it did reverse. Some stocks held up well.

Expect more chop and sideways action with the exception of select stocks -- it's still a stockpicker's market.

Chipotle Mexican Grill (CMG), for example, did great on earnings while Netflix (NFLX) didn't. It remains the earnings season of non-action.

Have a great summer night.

At the time of publication, the author held no positions in any of the stocks mentioned.

This article represents the opinion of a contributor and not necessarily that of TheStreet or its editorial staff.

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