SPY Thoughts September 30

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

“When you say “It’s hard”, it actually means “I’m not strong enough to fight for it”. Stop saying its hard. Think positive!” – Unknown

A pretty quiet Friday for the most part but we did see our positions do well and also a recent buy of ours, CELG, explode out of it’s cup and handle position.

I love the leaders and those are the stocks I really focus in on since they move the best.

Said another way, they are easy to trade.

Personally, I like the easy road, not the hard road.

I much prefer to identify and get to know the leading stocks who act best once they breakout.

Why bother messing with a stock that whips around and causes duress when you can find a stock that breaks out and then moves well afterwards.

Let’s take a look at the indexes before we get into these easy to trade great moving stocks.

SPY September 30, 2013

SPY broke lower right at the open Friday.  I don’t often chase a move until at least half an hour passes and I did not chase this one.

The SPY found support exactly at the 21 day average and was pretty quiet the rest of the day.

My short level is now a break under the 21 day at $168.55.

If the 21 day continues to hold then we have to be looking at this area as a low in this correction.

Time will tell.

Enjoy your weekend.

Warren

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