**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.**
“There are no short cuts to any place worth going.” ~Beverly Sills
A wild day that began with a huge gap open so I could not chase it unfortunately.
On the weekend I called for this correction to end mid to late week and I was right but I didn’t capitalize on it due to the gap opens unfortunately.
I just didn’t see the SPY action that told me to get long during the day, although overnight, I did.
One housekeeping note is my real-time membership is coming to a close next week.
I was not thinking about doing it again with markets kind of junky but more and more I’m considering it since I am seeing more and more stocks setting up even just the last 2 days.
I tried a couple SPY shorts today but lost on both of them quickly.
I can’t fight the tape, but when the S&P is up 20 handles and stalling I consider it and and doubly so up 30 handles but both tries failed today.
I did do some buying on stocks today and we could be ready for a nice run and lots more buying.
Things are really shaping up nicely all of a sudden and that is why I pay attention everyday.
I’ll be doing lots of homework tonight and I suggest the same for anyone serious about making money in the markets.