**These are my thoughts on the SPY ETF in my Daily Trade Ideas which includes many, many more charts and setups**
”It’s premature to start spending money when we don’t have it. There are different alternatives, including paying down public debt” Jim Flaherty.”
First I’d like to send out my condolences to friends, family, colleagues and all of Canada as we learn today of the passing of the great Jim Flaherty, just one month out of his job and so young, only 64.
He was our greatest finance minister to date, just effectively balanced Canada’s budget and he was an all around great man. The type of man I think we all strive to be.
A nasty, nasty day indeed.
I should have booked some gains late in the day Wednesday as I’d planned but greed took over and I let things ride.
We still did very well for sure but we did give back quite a bit early today before finally getting out after there were just no bounces at all.
Good thing too since we would have given back all our recent quick gains since Monday and more had we held on.
I warned when we took these trades on Monday that this would be only good for 3 to 5 days and it was.
Now a full cash position is the place to be.
Let’s take a look into the index charts before we look at the stocks we did well on this week since they are leading stocks and we can see the plunges that took place today.
Again, CASH is the only place to be until we see another bounce play form or anything else.
I have no idea if we tank further or begin to stabilize but I will know, and let you know, as soon as the price action tells me something.
SPY fell hard early and never stopped. We don’t see such violence that often but it is telling to the market we’re in and why I’ve been in cash for a month or so mostly now, except some quicker trades off key levels.
I tried a long trade off $184 and it started out well but then it failed and I took my small loss.
We should see support next at $182 and if that can’t hold then $180.
Have a nice evening, Friday and weekend and be careful out there.