**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.**
“It’s not whether you’re right or wrong that’s important, but how much money you make when you’re right and how much you lose when you’re wrong.” George Soros
A strong day that started with a gap open but markets faded in the end.
We still need some rest after the large run that has taken us into overbought territory now.
I’m seeing some leading stocks start to move now and it is perfect since leaders are meant to lead.
We’re looking great for a nice run into the end of the year.
We can make our dough for the year quickly if all goes well.
It has been a tough year to be sure but staying with a high cash position and not getting chopped up has us ready to pounce as soon as we get the all clear signal which looks to be close.
It really is extraordinary how much money you can make in a short amount of time in the right market if you have the patience to wait for it.
We are looking great, I’ve just got to wait for this overbought condition to work off and for a new pattern to complete before going heavy but it’s closer everyday!
Have a great evening.