**These were my thoughts on the SPY ETF to subscribers in my Daily Trade Ideas which includes many, many more charts and setups**
Success is not to be pursued; it is to be attracted by the person you become. -Jim Rohn
A strong day for the indexes as I was looking for and many stocks are doing well.
We began to get back into the market last week really and while I’m not super heavy here it’s definitely a medium position size type of market with the odd large size if you can watch or use stops.
I’m not really looking to add any new positions here with 10 stocks on already. I don’t like to really have any more active position on than this at one time but of course I bend that rule sometimes.
I prefer to be able to really focus and keep track of the positions I do have so I can have larger position sizes which can really move a portfolio quickly.
July was spectacular for us, then we really didn’t do much until last week and many subscribers remained in cash during that time.
Saving cash and remaining whole is and was a smart move and now we are back in while there is some easy money.
We don’t need to make money all the time, we just need to when we can, and when we can’t we need to recognize that and wait for the good times to return again.
While we’re not fully into the good times here we do have some really nice winners on at the moment.
Let’s check the index charts and then look into the stocks I’m holding and then some new buy points.
The SPY ETF is working like I’d been looking for and now we may see a gap fill to the $168.70 area. We have to see how it acts there but the clean break away from the $166 level really came into place today.
It’s not been an easy trade to say the least. Friday I was out then reloaded and today I am glad I did.
A fall off the $168.70 area will see me booking gains if it’s on strong volume.
The low volume today has me thinking that this is a mid-correction blast which means we will likely fill the gap and then see another couple weeks of chop or correction before we get a great buy point which may see us able to hold for weeks or longer, not just days to a week as in this case most likely.