**These are my thoughts on the SPY ETF in my Daily Trade Ideas which includes many, many more charts and setups**
“Politics is supposed to be the second oldest profession. I have come to realize that it bears a very close resemblance to the first.” Ronal Reagan
A wild day indeed that saw me stopped out of my positions for losses, small gains or near cost early in the day unfortunately but I have no interest being in this chop still.
We tried some positions early this week and some worked for some gains while others stopped us out and yesterday I warned that being stopped out simply told me things weren’t yet ready.
In hindsight I should have taken that warning more seriously and locking in all my gains on Wednesday.
That said, we were just testing the waters and not going heavy so damage is very limited.
I can’t wait until we can get some clear buy signals but I have to wait or I’ll be chopped up over and over again.
We’ve got a lot of heavy hitters reporting tonight like BIDU LVS SBUX AMZN and WYNN but
I’m not so sure that can get things moving.
AAPL is holding gains thus far while other leaders like CMG and NFLX haven’t and that just tells me this market remains very jittery.
Nothing is ever 100%, but right now I really just don’t know or have a clear picture and it’s when I feel this way that it’s time to remain in cash.
Let’s kick it off with the index charts.
I said we could chop between $188 and $185 for a week last night, I meant $186 where the 21 day average sits.
It’s actually pretty good action so far.
Wild swings are good before we see tighter action before a breakout higher in a few days to a week.
Enjoy your Friday and weekend.