Thursday, July 16, 2009

Symmetrical Continuation Triangle - SPDR S&P 500 (ETF) (Public, NYSE:SPY)

SPY formed a symmetrical triangle (usually a continuation pattern) and rallied.

Market is overbought. GOOG earnings beat by $0.27 but investors dumped the stock, which gave up the day's gains in after hours trade. IBM fared better, but the stock is really extended.

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