**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
A pretty quiet day in the markets as we consolidate some recent gains and setup for higher prices again from what I can see so far.
Gold and silver were smashed and moved lower in overnight action leaving any would be shorts in North America out of the trade.
They broke their small head and shoulders patterns I talked about in my weekend letter and are looking for lower still and I’ll cover that at the end of this letter as always.
Let’s take a look at our positions and see which ones have stopped me out partially or all and talk about how I’m managing them.
The SPY ETF is resting well here after a solid run. It can correct here to the $167.50 area.
Not much to say about the S&P 500 here tonight as we setup for likely higher prices in a week or two. A breakout above $170 could be bought here or a fall below $167.50 can be shorted also.
I like to do some day-trading in these types of market but so far tight ranges are not conducive to this.