**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.**
“Success is achieved by development of our strengths, not by elimination of our weakness.” Anonymous
Well, so far my feelings that we may see a hard and fast correction are unfounded but I’m still nervous.
Don’t get me wrong, I’m still very heavy into stocks but my finger is on the sell button and I have tightened up some stops.
I have no problem being wrong as long as it doesn’t cost me much or any money.
So, markets acted pretty good today but did show a pretty wild range but still, they look good for higher.
Stocks were also a bit wild today but are still holding and most are looking to move higher still.
That said, I am seeing a few more breakouts that are failing and that is not a good sign, but certainly not the only thing to consider and market charts do looks good.
All in all, I’m very long, but cautious still but I can turn back to a raving bull and buy even more with a moments notice.
It gave us a Doji bar in the end which means indecision.
Here, a Doji bar doesn’t mean much since they are better to show tops or bottoms.
We can already see the indecision here by the lack of movement one way or the other.
Anyhow, I’m very long and cautious but ready to buy more!
Have a great night.