**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.**
“Every noble work is at first impossible.” Thomas Carlyle
A quiet, peaceful day with very low volume as we close out the end of 2015 until very late in the day when everything was hit, apparently on news the Prime Minister of Turkey said Iraq should use force again ISIS.
That the only “reason” I can come up with anyhow.
We remain in chop with flashes of moves which quickly fade so I’ll remain in cash until next week although we did try a very tiny option trade in NFLX today and took a small loss.
When I do something for the sake of doing something, most times it loses as it did today.
That is a small price to pay though.
I’ve been cash for the past couple weeks after booking some nice gains on the short-side and we’re just sitting waiting with all our cash waiting for setups to form.
Massively low volume except the spike lower near days end is normal this time of year so there is no real need to sit in front of the computer tomorrow unless this weakness really takes off.
Have a wonderful end of the year and I’ll be back in touch over the weekend unless things really get out of hand!!