**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.**
“The purpose of life is to live it, to taste experience to the utmost, to reach out eagerly and without fear for newer and richer experience.” ― Eleanor Roosevelt
We saw a large range trade today that ran stops on the upside and on the downside and I do not like it.
We sold some earlier in the day and then late in the day I sold everything else and moved to a full cash position.
This correction doesn’t appear to be done but I was looking for more of a bounce than we’ve seen, and we may get it, but it’s hard to hold with stocks acting so wide and loose, or sloppy.
Sloppy action almost always leads to a break lower.
That said, we should be getting some great day-trades.
I had a 10% weighting at 185.77 and locked in gains today at 187.98, in case we gap lower overnight.
Gains aren’t gains until you book them.
We’re seeing poor numbers or poor action from stocks after even good numbers this earnings season so this is not a time to try to be fancy.
Take quick gains when you can but guard your trading stash closely for the time when we do get great setups, and they will come.
Enjoy the night.