**These were my thoughts on the SPY ETF to subscribers in my Daily Trade Ideas which includes many, many more charts and setups**
Don’t brag about yourself let others praise you. -Proverbs 27:2
Another strong day for the markets although the S&P did stall out at resistance.
I scaled out of my SPY longs here as we may need a couple or few days to digest the recent strong moves. I’ve also sold a couple stock positions but also added one we’ve been watching for a week or so, YRCW, and it finally broke out today. And by mean breakout, I mean up over 22% at one point.
We don’t see those types of moves often but I’ll take it!
YY, LVS, MA and others are rocking still and making myself and members quite happy about getting back into the market last week while NFLX broke $300 and was an easy buy today as well.
We’ve got so many winners on right now it’s tough. I don’t like to have 10 positions on at once since it’s harder to keep track of but what can you do.
Let’s kick it off with the index charts, then move onto the positions I’ve got and any new buy points I see before we wrap it up with a look at gold and silver whom are breaking down as I’d suspected.
The SPY ETF hit resistance and stalled. I took my gains happily. We may well see a few days of rest here before we continue higher.
If we continue higher now, the next resistance level is $170.