SPY Thoughts March 3

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

“Opportunity is missed by most people because it is dressed in overalls and looks like work.” Thomas Edison

Markets were ripping out of the gate along with many stocks but leading stocks stalled out further and continued what Thursday brought them.

Once news from the Ukraine broke I was checking out and locking in lots of gains since things just need more time here.

We did have a sweet, sweet last few weeks and those just can’t happen every week so enjoy this rest of a week or so before we get into stocks again hard.

Let’s begin with the SPY chart.

SPY March 3, 2014

SPY tried hard to breakout but volume wasn’t special, then news from the Ukraine came and we saw very heavy volume to the downside before we saw a reversal back higher also on very heavy volume.

With leading stocks falling or under-performing Thursday and Friday and uncertainly regarding the Ukraine I ended up playing it safe and booking a lot of profits.

After the run we’ve had booking those gains is never a bad idea and really we could use a pullback in the indexes and many stocks to setup new buy points.

I’d be quite happy to see a move back to the $182 area in the SPY ETF.

All that said, we may just resume higher as we have so many times over the last year plus.

Time will tell.

Enjoy your weekend.


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