**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 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.