We didn't get duped by the market gap-up this morning to break-out levels. Why? Because of what we wrote last night in our newsletter in regards of a break-out in the SPX:
"Key factors that have to confirm will be volume (which has been lacking lately) and breadth ( you don't want the SPX to break-out without the financials/REITS participating)."
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Today both conditions failed miserably. Sit tight, chill, get a drink. This isn't the time to make any bets until we get a more clear direction.
