SPY Thoughts October 22

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

Watch your thoughts; they become words.
    Watch your words; they become actions.
    Watch your actions; they become habits.
    Watch your habits; they become character.
    Watch your character; it becomes your destiny.
    —Lao-Tze

A solid day for some stocks while markets took a rest day along with most stocks.

This is good action here as it’s blowing off the slightly overbought condition they have.

So many of the buy points I talked about in my Daily Trade Ideas over the weekend are still valid so please review that letter as well and set your own alerts in case I don’t mention them all here today.

We’ve got jobs numbers coming out Tuesday morning in lieu of the government shutdown so we should see some nice action on those numbers.

Let’s check right into the charts today and see how this powerful move is looking so far.

SPY October 22, 2013

A fine day off for the SPY ETF today on low volume.  It’s just taking a breath here by the looks of it and working off it’s slightly overbought condition.

I’ll raise my stops again here a bit to half at just under $174 and leave the rest at $173.30.

SPY still looks to want higher but I’m wanting to raise stops to lock in gains if need be.

Enjoy your evening and Tuesday.

Warren

Leave a Reply

Your email address will not be published.