EvanMedeiros
Long

everyone likes a nice V shaped bottom

BATS:SPY   SPDR S&P 500
156 0 0
$SPY everyone loves a nice V shaped bottom. The market staged an impressive 2 day bounce off the lows ending the week with a perfect hammer on High volume (weekly chart). If you were on the sidelines for this move and didn't catch any of it you need to be real careful jumping in here at almost 165, 5 pts off the lows. I believe if we gap up on Monday it would be a better sell rather then buy or add to positions. I am very constructive on this bounce but I think some rest/retest of Fridays gap would be very constructive. I don't think the market will make things too predictable especially in its summer trading so I think even a quick flush down towards those lows only to rip back higher might be in the cards. I am in the camp that these lows give or take a SPY             point or two will hold in there. but we shall see. Levels on chart, I think continued two way action is in the cards but bulls are fighting for the ball.
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