SPY Thoughts November 7

**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**

”It is not the man who has too little, but the man who craves more, that is poor.”  Seneca

We’ve finally got Twitter coming onto the market tomorrow and I’ll talk about strategies to play this tonight later on in this report.

Markets gapped above buy points today but the SPY ETF did give us a quick chance to get in at the buy point I talked about last night at $176.65 but you had to be quick.

Things are looking good now for a big run into the end of the year and we’ve got several good buy points going off and many more are setting up for us.

It’s been a great year and it looks like we could end it with a big bang to the upside which would make me very, very happy along with all you subscribers.

It’s important to buy right at the buy point and keep stops tight though still so keep that in mind.

Let’s check into the index chart before we talk about Twitter strategies, existing positions, new positions and of course, gold ad silver.

SPY November 7, 2013

SPY opened up well above the buy point today and this action shows how patience pays as I talk about so often.

I waited for the first half hour then we saw weakness emerge before we actually briefly moved under the buy point at $176.65.

We didn’t hang around there long, but it was long enough to load up on lots of SPY longs.

Had you bought the opening gap you’d either have been stopped out near the lows and not re-entered or at the very least, lost a few hairs.

Neither situation is good.

My style worked once gain today.

Stops at cost for now.

Have a super evening and enjoy the show with the Twitter IPO Thursday.

Warren

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