SPY Thoughts October 7

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

”Nothing wins more often than superior preparation. Genius is usually preparation.” Kekich’s Credo

We saw a pretty tame Friday for the most part but things are holding well and not moving lower as Thursday’s action had suggested.

Many of our stocks are holding up very well and we’re still in this market in a good sized way

There are several new buy points today for the week ahead that look really good and of course managing our existing positions is a major theme as they are doing really well but we can’t let profits slip away.

It’s a fine line between letting a stocks run and being stopped out too early but we’re doing very well in this cycle in that regard.

Let’s begin with the index chart before we get into what we’re holding and several nice new buy points.

SPY October 7, 2013

SPY is kind of building a sharp head and shoulders here now but this pattern is not the most reliable, especially with the Nasdaq and Russell 2K holding up pretty well and possibly ready to move higher.

As long as we remains above the 50 day at $167.53 we are fine and a move above the $169.40 level would be quite good.

Only time will tell how we move here but the chart does point to lower for now but that can change quickly.

As you know many leading stocks are still moving higher or are holding up very well and that’s all I’ve been focused on here now for a week or more.

Just because indexes aren’t moving higher doesn’t mean solid stocks can’t make nice gains.

Enjoy the rest weekend and Monday.

Warren

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