**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.**
“Luck is a dividend of sweat. The more you sweat, the luckier you get.” – Ray Kroc
I was a bit nervous holding my shorts this weekend being so oversold but it worked out as the charts said it would.
We booked all our gains from recent short positions and you can see at http://wizzentrading.com/?page_id=5614 how those did.
We didn’t knock it out of the park but we had some nice winners and took what the market gave us.
Not bad for a week or so in a trade.
Now, we look for a bounce, but unless we get a gap and go type of move tomorrow, I think it’s best to wait until the Fed comes out with whatever it is they will come out on Wednesday and let the trend settle into place.
But, as I said, if we do get a gap and go higher type of move tomorrow then there is nothing wrong with trying to bank a few more dollars and maybe more, depending on how stocks react to the Fed release Wednesday.
Today’s bar isn’t as positive as it looked like it would be either so right now, I do not know what, if anything, I’ll do until perhaps Wednesday, or even later.
It all depends on the action but we did capture some nice gains on the short side.
I’m not sure if I nailed the lows today or not but I didn’t want to be too greedy.
As the saying goes, bulls make money, bears make money, but pigs get slaughtered.
So, let’s see if Santa can show up for a rally or not.
Have a great evening.