**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 somebody had told me my method would not work I nevertheless would have tried it out to make sure for myself, for when I am wrong only one thing convinces me of it, and that is, to lose money. And I am only right when I make money. That is speculating.” – Jesse Livermore
A pretty quiet day until the Fed news came out and they are not doing anything unexpected really, they are cutting bond buying by 15 billion instead of the 10 billion we’ve seen for a while now.
Once the news came the usual gyrations came and went and we continued higher in the end, until giving back some gains into the end of the day.
What was interesting is that some recent leading stocks did set off some of my alerts and I did buy some before the Fed news came out, something I try to shy away from doing.
I did take one small loss in one of my new positions but that is to be expected.
All in all, things are looking much better and clearer to the upside today.
That said, SPY QQQ and IWM did print Doji bars which can represent reversals of the trend so I’ve got to see what Thursday brings.
The Doji bar is something to be aware of and if we begin to see weakness I’ll be locking in my gains quickly tomorrow.
Have a sweet evening.