S&P 500 Provides a Small Dip and a Buying Opportunity

NEW YORK (TheStreet) -- This has been quite a quiet day -- which is good after the strong moves we've seen recently.

Any dips are being bought, so that remains the strategy to use if you missed proper buy points.

All I'm doing these days is sitting on winners and adding to select positions if the opportunity does present itself. I did sell one stock today for a new one, which so far is slightly underwater. (Subscribers can find out more.)

The S&P 500 SPDR ETF (SPY) is holding well at the $200 area and still looks good. A couple more days of sideways action within tight ranges would be spectacular.

The past couple of weeks we've seen nice strength early in the week and then that peters out a bit.  

Who's to say if that can continue? But it is something to be aware of, and as long as we don't begin to see heavy selling with strong volume then letting stocks ride should be fine.

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

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

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