**These were my thoughts on the SPY ETF to subscribers in my Daily Trade Ideas which includes many, many more charts and setups**
Deal with the world the way it is, not the way you wish it was. – John Chambers
We had a solid day all in all with markets holding up well and showing that they need a few days of rest right on schedule.
Stocks are holding up well for the most part while AAPL was slammed some $30 after their iPhone non-news Tuesday.
I’m happy to have cashed out of my longs around the $497 area and while gains weren’t as robust as they could have been there were still gains, not losses.
In hindsight, I should have gone short AAPL at that moment but I still have too many positions on for my liking so I let it slide.
The correction in markets is well over now and we’re heavy in the markets here but a step back after two recent steps forwards is welcomed.
Let’s kick it off with the index charts then move onto any positions I’ve got on and talk about one I sold and my new position, BIIB, before we look at some new buy points.
BIIB had a nice cup and handle I highlighted here last night and it is working out so far today.
The SPY is setting up superbly here. I cashed out a little early on the gap fill but that’s fine.
We should see resistance at the $170 area here and if the stars align we will form a handle here to complete a cup and handle and that would make Christmas 2013 quite something!!
I won’t pontificate on a potential move IF we get a cup and handle but it could be great and the leading stocks should also do well.
So far 2013 has been spectacular, truly, so maybe looking for another blast higher this year is asking for a bit to much.
That said, if it comes I’ll be riding it and loving it all the way to the bank!