**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.**
“Challenges are what make life interesting and overcoming them is what makes life meaningful.” Joshua J. Marine
Action continues to be very fickle and so far tonight we’ve got AMZN off large while V is up a tad and MSFT up a few dollars all on earnings and GOOGL is reacting poorly to the AMZN numbers to throw another wrench in the spokes.
It’s a coin flip market and I avoid those so cash is where I am although I did try one short today.
CRAY has been a bit cray cray lately so I shorted at 37.80 when it looked set to come back to earth but it didn’t so I took a small loss and got out of my short at 38.30.
No big deal and it was a very small trade.
Take a week off and come back and see how things are going then would be the best advice, otherwise if you can’t sit on your hands this market will chop up your account
It may seem like a weeks vacation somewhere is expensive but much more than that can be taken from your account in the same amount of time and you’re brain will be done, or you could come back from the beach refreshed and relaxed and ready.
A break either way can be traded and I’ll likely try it but in small to medium size in this very poor market.
With leading stocks giving poor numbers or acting poor on good numbers this remains a very dangerous market to play around in.
Have a nice evening.