SPY Thoughts October 10

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

“Always and never are two words you should always remember never to use.” – Wendell Johnson

We saw markets weaker today early on before they moved higher right on schedule.

Many stocks did the same and it’s perfect action for lower prices in a few days.

We will see a lot of great short opportunities in the days ahead once we see little bear flags built most likely.

There is no telling how long this correction will last but I imagine it will run into mid-November or so but as always things can change quickly so I always review the charts.

Cash IS a position, never forget that.

Let’s dive into the index charts.

SPY October 10, 2013

The SPY ETF bounced after falling under it’s 100 day average early on in the day.

I covered my shorts as we began to reverse higher.

As I talked about Tuesday evening, it’s going to take a few more days before we get great short opportunities again.

That said one short did work out well today after it fell under our short level and I’ll get into that shortly.

Have a great evening and Thursday and have patience and save that cash for when we get  bottom put in, which is not now.

Warren

2 thoughts on “SPY Thoughts October 10

  1. Warren takes the emotion out of trading decisions and it is just the thing for choppy markets that exist for the sole purpose of chopping both bull and bear to tiny bits. Thanks for your no nonsense approach. I’m just now seizing apon your updates and I congratulate your efforts and even more your positioning for future results.

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