SPY Thoughts August 1

**These were my thoughts on the SPY ETF to subscribers in my Daily Trade Ideas which includes many, many more charts and setups**

A wild day indeed with markets really ending flat in the end.  It’s an absolute goldmine for quick day-traders but you’ve got to be very quick.

We saw some major moves from MA and V as MA was up large on earnings then faded and was hit by a new fee or something.  Both V and MA were smashed and some options that were selling for only $0.24 went to $24 in a heartbeat.

You can retire on that but even if you only had 10 contract  you’d pocket a smooth 24k minus your $240 buy.

Amazing!

Wish I’d had it.

I haven’t traded AAPL much at all lately but today I tweeted my shorts and I took two of them nailing the top twice and the low twice….lucky today ;)

The S&P remains in it’s range and that pesky $169.15 or so area remains a major pivot area.

Let’s move right into the charts tonight.

SPY August 1, 2013

SPY had a wild ride today with several entries for short-term trades.  The $169.15 area remains a magnet but I won’t hold anything until we close out of this range one way or another on a closing basis.

Seeing the Nasdaq show a failed breakout today as it was trying to lead us higher isn’t great but until we break one way or the other we remain the same.

As I like to say, the range can be traded off until it can’t.

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