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Strength Continues Monday for S&P 500 and for Leading Stocks

"No profession requires more hard work, intelligence, patience, and mental discipline than successful speculation." -- Robert Rhea

NEW YORK (TheStreet) -- Strong and very constructive action continued on Monday with some leading stocks really moving and breaking out and the S&P 500 (SPY)SPY up.

Biotech and healthcare remain the place to be -- and I am there.

I've upped my position weighting to medium now, as we look to have lows in place and the markets are looking really great.

I did place a few buys today, but those are always reserved for subscribers.

Stops are in place, just in case, but we should see strength continue if the recent action is for real.  If not, I'll go back to cash and wait for the next buy points.

I've got a lot of charts to look over tonight, so let's quickly look into the S&P 500 chart.

This has been a solid day, even though on lighter volume than what would be considered ideal.

It is summer and August after all, so many traders are away. That contributes to lighter volume.

The SPY ETF is now near $198 and could do a little sideways dance. That would be fine, but the most important thing is to see leading stocks leading the market higher. They are -- in a big way.

Enjoy your evening.

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SPY $205.43 0.20%
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Chart of I:DJI
DOW 17,700.50 +49.24 0.28%
S&P 500 2,055.36 +4.24 0.21%
NASDAQ 4,731.3310 +5.6920 0.12%

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