SPY Thoughts April 28

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“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 constructive day Friday for markets as we build out a little base but many leading stocks are just acting so poorly and that does not bode well for markets in general.

We did try a few trades late in the day including AMZN BIDU and the SPY ETF.

AMZN wasn’t showing me signs of working so I got out at cost before it slid but BIDU and SPY are bouncing so I held them for the weekend.

I have no idea how long I’ll be holding those two trades but I’ll tell you exactly when I do sell at @iTraderz on twitter as part of my real-time trial.

Once May begins, real-time trades will be at my private twitter account only but you can have access for only $100 a month which does include my Daily Trade Ideas as well.

Let’s get right into things.

SPY April 28, 2014I tried some SPY right off the $186 support level late Friday.  We are consolidating well between $186 and $188 so far but with so many stocks so ugly I’m not so sure it will hold in this range, but it was worth a try to me.

I have a 5% weighting all in stock so let’s just see how Monday opens up, a gap under $186 will see me out quickly while a move higher could be the start of a nice trade we may be able to hold for a while.

Enjoy your weekend and Monday.

Warren

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