Today’s Stock Market Review and Game Plan

On Friday I talked about how strange this market has been, especially for swing traders.  In that vein, today did not disappoint.  We were expecting either a continuation of the pullback or a light bounce.  Instead, to the surprise of most, we got a strong bounce.  For the first time in quite some time, breadth was actually decent, with  240 of 500 SPY  stocks beat the .78% gain in SPY.  I am still not seeing a lot of strong breakouts, but today was still an improvement.
One day does not tell us a lot, especially in this whipsaw market.  However, if this type of action continues, it will give us the underlying momentum we need to see a big run once new highs are hit.
I am going to continue to play it safe and take on fewer positions than normal.
This is an excerpt from the Market Speculator Part-Time |  Swing Trade Report I published today.
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