**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.**
“You don’t need to be a rocket scientist. Investing is not a game where the guy with the 160 IQ beats the guy with 130 IQ.” Warren Buffet
We’re heavy into the holidays with traders mostly away and volume lagging but stocks still look great.
Sometimes while volume is so low we can see some great moves but so far moves are generally pretty subdued, but setting up for continued upside action into the New Year, but time will tell.
There’s always the chance that stocks are just being held up for tax purposes and we will see selling accelerate into the New Year but charts are not saying this right now.
A nice wedge for SPY still which points to a breakout higher anytime.
This is a very positive chart.
Merry Christmas and all the best in this strong market and wonderful life we get to live.
I may not have another blog or letter out until the New Year, so enjoy!
The SPY ETF just hit the low end of this nice uptrend channel.
These types of areas can easily be bought with very good risk reward since stops can be placed very close to the entry point.
In other words, you’ll know quickly if you’re right or if you’re wrong.
I have no position right now with the holidays here but I’m always eager to find these types of setups and act on them.
I want o wish you and your family the best this holiday season.
Enjoy it as if it were your last! We just never know.
Here is my CRM chart.
Subscribers had the original buy point on Dec 11 at the $158.60 area.
That morning the stock took off quickly and we had to be super quick getting in.
Next buy point was not long after as CRM moved above the $160 level.
So, a solid pattern break with strong volume. That is a recipe for success.
As always, chasing a stock is something I rarely recommend and always tell subscribers to wait, there will be another chance.
That chance came today after a perfect 3 to 5 day day high flag formed and broke out today. Today’s buy point was $168.25 and it’s looking great so far.
All that said, the original proper buy point some $10 below today’s buy point puts us in a much better position to weather any consolidation such as we just saw with this most recent flag.
Another winner, just in time for Christmas!
Trade them well, and by well I mean buying the right setup at the right time without emotions.