Right now I am mainly trading SPY. I also hold a position in BAC. The overall US market is currently moving to higher prices. Is it a bull market? I am not ready to raise the bull flag just yet. I am a technical trader. I also try to look at the overall game. Why is the market doing what it is doing? There is always a story behind it.
If you want to trade any stock, you have to know the direction of the overall market. Trade your stock in the direction of the overall market. Yes, there are cases where you can do the opposite of what I am saying. I am into HPT (high probability trades). In my overall strategy trading against the market is not part of the plan. The exceptions to this rule are when the market is on the edge of a trading channel. When it penetrates the channel I will either buy or sell into the opposing direction expecting it move back into the channel.
SPY: I am looking for it to break 212.76 today. If we can close above that level, then the next target is 215.68. On a pull back 209 is a solid floor. 210.26 is as well, but not as solid as 209.
BAC - right now this looks bearish. The fear of them losing money on oil company loans is behind us now (IMHO). The main reason it pulled back is because of the likely delay in the feds raising rates. This gives another good buying opportunity once it settle down.