SPY Thoughts November 6

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

Early to bed and early to rise — till you get enough money to do otherwise.”- Peter’s Almanac

We saw lots of weakness today early but then saw markets come back and gain on the day.

Yesterday I hinted that we may well not be going to see markets correct and today I’m much more confident in that view.

We have several nice looking buy points and no short entries which tells me markets are healthy.  A few new stocks broke out today as well and we are into those.

For some reason the Russell 2K was the only market to correct but we can’t argue, we can only follow.

The market is always correct, I am not, but I am great at interpreting what markets are telling us.

Let’s take a gander at the big index charts before we move into specific setups.

SPY November 6, 2013SPY is now setting up for a move higher as I hinted last night.

We didn’t get any real correction here but we did rest for a week and I was out waiting for direction.

Now I’m looking to get back in on a breakout of this bull flag.

$176.65 is the new buy point here and ideally we should see a nice increase in volume as we pass that level.

I was wrong in calling for a correction by the looks of it but we did avoid the weeks worth of chop and now I’m ready to get long.

It’s so important to be able to change your stance as things develop.

Have an enjoyable evening and Wednesday.


Leave a Reply

Your email address will not be published.