**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.**
“If you genuinely want something, don’t wait for it–teach yourself to be impatient.” Gurbaksh Chahal
SPY started strong but then began to fade along with many stocks including most leaders.
It looks like I was right to lock in our long gains Thursday and I shorted some stocks Friday as they began to breakdown.
I’m short ALXN CMG FB NFLX & TSLA now so let’s see how it goes.
It’s not breaking down yet but trying and the 204 and 21 day average at 203.20 are key levels to hold.
It always amazes me how quickly behaviour can change as we saw this week.
Wednesday was so good but then Thursday changed everything and forced me to lock in gains.
While I’d love to be able to buy and hold it just isn’t in the cards from what I see, yet.
Have a glorious weekend.