Overbought And Rolling Over

**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.**

“Just when the caterpillar thought the world was ending, he turned into a butterfly.” –Proverb

We started to turn down today off overbought levels but we still remain at very overbought levels so a nice fall should be just around the corner.

I ended up shorting several leading stocks this afternoon and I’m pretty heavy into those shorts now and they are working a bit but have yet to really release to the downside, but they should Friday, if not, I’ll be back to cash.

SPY Febraury 19, 2016SPY is trying to move under 192.50 and I was hoping for a two day top pattern but we did not get it.

I did short SPY with a 15% weighting at 192.05 so let’s see how that goes.

I don’t know if we consolidate or correct but we should know tomorrow.

Have a wonderful evening and weekend.

Warren

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