The SPY arguably made a lower low yesterday, but it was able to close strong trapping shorts once again.
This has been the theme of the market this year. It teases the shorts, traps them and then reverses higher.
Short positions in the weak sectors provided in yesterday's report continue to remain viable. Likewise, longs in the strongest areas remain good bets. We would avoid anything that isn't trading at 52-week highs or 52-week lows.
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