SPY Thoughts October 2013

**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 big gap down for the open today which ended up being the low for most things and the markets.

I often let the first 30 minutes or so pass before taking a trade or exiting a trade and luckily today things got strong early and the rest of the day went fine.

What looked like it may be a tough day ended up not too shabby.

With the government potentially going to shut down now in the US there is no telling what we will wake to Tuesday morning.

Let’s begin with the index charts.

SPY October 1, 2013A gap open below my short level means I wasn’t chasing.  We bounced perfectly off the 50 day today and that was the easy trade.

Now we see if we can hold this 50 day average.  If not I’ll be going short with an eye still on a move to the $166 area.

That said a move back above the 21 day at $168.50 would be signal to get long.

Enjoy your Tuesday.


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