**These are my thoughts on the SPY ETF in my Daily Trade Ideas which includes many, many more charts and setups**
“To live is the rarest thing in the world. Most people exist, that is all” Oscar Wilde
More weakness early as the S&P failed its breakout as I talked about here was the most likely outcome.
We did see some bounces later in the day but this market is still dangerous and only for small trades or day-trading.
I haven’t been doing any day-trading really but I may step in a bit more often since I’m sick and tired of not making any money!
We did try some SPY calls and have a few left but I sold 75% of the position at cost since I do not want any real risk.
We also bought VIPS since it is trying to breakout of a super base and stocks and markets are pretty oversold so a bounce should come.
I’ve been saying VIPS has the best base out there for over a week or longer now in the members section.
Let’s check things out.
No big shock with stocks so beat up and no volume on the breakout.
It’s not rocket science, really just common sense.
I have a small long position using weekly calls and they could work but next week we may get a good chance to short this index ETF.
Have a great Friday and I’ll be in touch on the weekend or likely tomorrow for you real-time members.