As usual bears have yet again failed to follow trough after failed break out type action on Wednesday.
SPY bounces 50 MA yet again.Line in the sand for now. Keep in mind,bounce attempt was weak for most stocks. In our chat room, we did some dip buying name like AAOI, LITE , LABU and sold them fast for quick gains as bounce didn’t look to convincing to hold them for swings.SPY back in squeezed between 20 MA resistance and 50 MA support. Big job report Friday before market opens, should be a market mover either way. Hit and run tactical trading for us, long and short same stocks for quick gains until market finds some direction. Watch list contains some bounce plays but they can be traded either direction depending on market direction.
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