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More Consolidation Is Fine But Hard to Sit Through

NEW YORK (TheStreet) -- Not the best day at all this Thursday but we haven't broken yet.  We are still just consolidating.

I'm not a fan of the action we've seen the past couple days where we have seen strong opens but then weakness.

Strong markets tend to open weaker and close strongly.

We are not breaking down by any means yet but we do continue to consolidate in the trend that does remain pointed up.

That said, I am a bit concerned and ready to begin locking in gains if need be.

SPDR S&P 500 (SPY) is still holding 200 and did see a nice push higher into the close.

Consolidation is good but if this does turn out to be a top, not something I am calling for yet, we will have time as tops take time to develop.

Three to five days and we should see new highs or I will begin to consider a top being in.

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

Follow @iTraderz

This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.

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