SPY Thoughts May 16

**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.

SPY May 16, 2014SPY reversed after I pointed out the small top bar a couple days ago.

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.

Warren

Leave a Reply

Your email address will not be published.