Tuesday, August 2, 2016

Aug 2 - SPY false breakout

Got stopped out of XOP/ SPY longs for losses.  Looks like this consolidation took too long to cook and may have failed.  We had a weak RSI breakout which failed.  There's a chance that we have a false breakdown but I am not buying the dip here, nor going short.   The accounts got dinged for a few percent on this move and will wait for a stronger signal to potentially go long.



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