SPY Thoughts September 11

**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.

SPY September 11, 2013

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.

SPY Thoughts September 10

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

Success is not to be pursued; it is to be attracted by the person you become. -Jim Rohn

A strong day for the indexes as I was looking for and many stocks are doing well.

We began to get back into the market last week really and while I’m not super heavy here it’s definitely a medium position size type of market with the odd large size if you can watch or use stops.

I’m not really looking to add any new positions here with 10 stocks on already.  I don’t like to really have any more active position on than this at one time but of course I bend that rule sometimes.

I prefer to be able to really focus and keep track of the positions I do have so I can have larger position sizes which can really move a portfolio quickly.

July was spectacular for us, then we really didn’t do much until last week and many subscribers remained in cash during that time.

Saving cash and remaining whole is and was a smart move and now we are back in while there is some easy money.

We don’t need to make money all the time, we just need to when we can, and when we can’t we need to recognize that and wait for the good times to return again.

While we’re not fully into the good times here we do have some really nice winners on at the moment.

Let’s check the index charts and then look into the stocks I’m holding and then some new buy points.

SPY September 10, 2013

The SPY ETF is working like I’d been looking for and now we may see a gap fill to the $168.70 area.  We have to see how it acts there but the clean break away from the $166 level really came into place today.
It’s not been an easy trade to say the least.  Friday I was out then reloaded and today I am glad I did.

A fall off the $168.70 area will see me booking gains if it’s on strong volume.

The low volume today has me thinking that this is a mid-correction blast which means we will likely fill the gap and then see another couple weeks of chop or correction before we get a great buy point which may see us able to hold for weeks or longer, not just days to a week as in this case most likely.