**These were my thoughts on the SPY ETF to subscribers in my Daily Trade Ideas which includes many, many more charts and setups**
What the world needs is more geniuses with humility, there are so few of us left.
Not a bad day for several of our stocks including LGND FB NUS IEP and BIDU while markets are still looking like they are putting in a little short-term top here.
We were stopped out of our SPY position Wednesday and are now focused on stocks.
It was a pretty good week up to today with us being stopped out for small losses a few times and up in several more stocks but today we really saw some acceleration in a few making this a very good week indeed.
Actually, now that I think about it, our NFLX trade from last week which allowed us to hold free positions over earnings was spectacular even though we didn’t nail the top, we were all out pretty early in the day while it was starting it’s historic plunge.
Also, come to think of it we were in NQ this week but were stopped out for about a $1 gain Tuesday. Today Muddy Waters put out a bearish note on the company and NQ ended up down about 50% on the day and was halted. Who knows, it may not open ever again!
Avoid that hot mess was worth it’s weight in gold!
Stops are key, and sticking to them even more so.
Small losses are part of it but large gains pay for those by huge margins.
If you are part of the week-long free trial please note tonight’s letter is your last. I do hope you become a full-time member by subscribing to my “Daily Trade Ideas” in the top right margin at http://wizzentrading.com but if not, I hope you made some money this week off a few of my ideas, or almost as importantly, avoided danger.
Let’s kick tonight’s report off with the index charts.
SPY is holding above $174 but still looks to be topping here for now. New highs above $176 would be a buy point and annul the top while a move under $174 could be shorted.
Very low volume in today’s move higher is a further sign this is a top but only time will tell us for sure.
Have a stupendous Friday and even better weekend.