Failed Breakouts To Come

Looks like stocks need more time to setup so cash will be most of my position unless I see something nice setup.

Perhaps I’ll try to grab a few quick trades in fast movers of the day, on the day.

There are some nice setups later in this letter but they may fail with markets seeming to need a little more time.

Looks like SPY will fail this breakout and hopefully take a week to rest and then breakout for real, but there is also the possibility that we correct further, once again.

Support under the 218 area is 216 then 214.

I hope you had a great weekend.