Since the festivities began on Friday, today makes for a potential 5th day of rallying.  Thus far today’s trading action has been very muted and that concerns us since the SPYs have again stalled in the $281.00 vicinity.

With genuine breakouts there is normally a strong follow through, something we’ve yet to see.  As a result, we must remain cautious and on guard as the momentum could peter-out just at said resistance and after rallying off the lows for 5 trading days.

There’s an old Wall St. adage: “When in doubt, hedge.”  It’s certainly not the worst Wall St. adage!

We’re going to keep our eyes on matters closely but sometimes things do move swiftly.

Be prepared to remain nimble!

Cordially,

Wayne