**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.**
“Knowing others is intelligence; knowing yourself is true wisdom. Mastering others is strength; mastering yourself is true power.” Lao-Tzu
Markets showed a hefty gap down overnight which held so I was doing some selling after we opened and saw a small quick rip higher.
I’m all back to cash now and markets are once again very volatile and the bottom I said I thought was in does now look vulnerable.
We have a long weekend coming up and I’m going to take a couple days away beforehand and avoid the chop while it’s still summertime.
There won’t be a blog or report tomorrow evening but I should be back for Thursday evening.
I’m going to take a quick rip around the beautiful Gaspe peninsula and just get away and have some fun on the bike.
I sold out of almost everything pretty early in the day into the little rip that we see so many times after a large gap down open.
I was out of a few around cost, booked a few decent gains but I did take a couple very small losses.
SUPN was the standout that was still strong from my 16.40 buy level but I did check out around 19 late in the day.
I’m not willing to hold stocks in this weak market and of note is many traders do take this whole week off before sending the kids back to school and that’s why volume is not as higher as you’d expect with this type of move.
All in all, take a few days off.
Have a great couple of days.