**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 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.