**These are my thoughts on the SPY ETF in my Daily Trade Ideas which includes many, many more charts and setups. Subscribe to my nightly Daily Trade Ideas on the right to see the rest of this letter.**
“The investor’s chief problem-and even his worst enemy is likely to be himself.” -Peter Lynch.
A bit of a rest day after Tuesday’s nice breakout.
We are still in great shape and dips should be bought as long as SPY remains above the 50 day moving average at 196.44.
Many stocks also took a rest and several biotech and healthcare stocks who’ve been on fire lately are finally resting and will give us new buys points within a week or two.
QE is now done as we know it and markets seem to be fine with that since it was no real surprise.
Even with the Fed news today, action was pretty subdued which is rare.
Usually we see large swing up and down before a direction is determined.
I’m not sure what, if anything, to make of it.
Have a wonderful evening.