**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.**
“Risks must be taken, because the greatest hazard in life is to risk nothing.” Leo Buscaglia
Such chop today in markets and stocks and that keeps me happy to be sitting on the sidelines.
Until I see some direction and great patterns I’ll not do too much except some quicker trades where I see them, using options and later in the week is better for those types of trades using weekly options when they become cheaper.
Cash is a position, never for get that.
Chart are getting a bit sloppy now so let’s just see how things act the next few days but poor earnings from some heavy hitting companies certainly doesn’t help.
Have a wonderful night.