"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.
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.