**These were my thoughts on the SPY ETF to subscribers in my Daily Trade Ideas which includes many, many more charts and setups**
What we think, or what we know, or what we believe is, in the end, of little consequence. The only consequence is what we do.
A wild day that was tough with the early weakness.
Stops were hit in a few while I added and bought some new positions as well.
The early weakness was troubling since it was on heavy volume but in the end markets ended nicely higher along with some stocks.
NFLX ended up tanking hard and I was peeling off more and more as it kept dropping with no sign of a bounce. It had an amazing run from the breakout last week at $329 and I can’t complain even though I didn’t sell at the top.
Still a great trade that only lasted a few days and now NFLX is back BELOW it’s breakout level. This is a move you rarely see in stocks. So violent, but sure is fun to watch. I’ll talk more about rules and NFLX later when I show the chart.
A lot of times in strong markets we see weaker action in the am and stronger action in the later parts of the day. That’s what we saw today but the power and swiftness was indicative of a deeper move lower which did not come.
Let’s begin with the index charts.
SPY had a great day on solid volume today. I’ll raise stops once again tonight as this one keeps running.
$174.70 is stops for half with the rest now at $174.15.
Have a super evening and Wednesday.