SPY Thoughts October 14

**These were my thoughts on the SPY ETF to subscribers in my Daily Trade Ideas which includes many, many more charts and setups**

“Be who you are and say what you feel, because those who mind don’t matter, and those who matter don’t mind.” Bernard M. Baruch

Another strong day Friday but I still think this is a dangerous market to be too active with news on the debt ceiling long or short-term extension around the corner.

To me it seems like it’s a buy the rumor sell the news event but only time will tell.

I just find it hard to believe that after putting in a nice top and then dropping sharply on heavy volume that the correction is done with.

Who knows though and I really have no opinion other than what I stated above but my conviction can change and really I have no conviction here since I’m mostly cash with only a gold short position on.

Let’s dive into lots of charts this weekend starting with the index charts.

SPY October 14, 2013

SPY had another solid day on the upside but the lack of volume is always something to take note of.

The $170 level would have been a buy point but on such light volume there is no way I’d be long here.

I’d expect a move back under $170 Monday an then we will see if we are going to correct deeper or if we will consolidate for a couple days before we power higher with more conviction.

Enjoy your Thanksgiving id you’re in Canada and your Monday if not.


SPY Thoughts October 10

**These were my thoughts on the SPY ETF to subscribers in my Daily Trade Ideas which includes many, many more charts and setups**

“Always and never are two words you should always remember never to use.” – Wendell Johnson

We saw markets weaker today early on before they moved higher right on schedule.

Many stocks did the same and it’s perfect action for lower prices in a few days.

We will see a lot of great short opportunities in the days ahead once we see little bear flags built most likely.

There is no telling how long this correction will last but I imagine it will run into mid-November or so but as always things can change quickly so I always review the charts.

Cash IS a position, never forget that.

Let’s dive into the index charts.

SPY October 10, 2013

The SPY ETF bounced after falling under it’s 100 day average early on in the day.

I covered my shorts as we began to reverse higher.

As I talked about Tuesday evening, it’s going to take a few more days before we get great short opportunities again.

That said one short did work out well today after it fell under our short level and I’ll get into that shortly.

Have a great evening and Thursday and have patience and save that cash for when we get  bottom put in, which is not now.