**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.**
“You can’t live a perfect day until you do something for someone who will never be able to repay you.” – John Wooden
Stocks continue to setup bases with not a lot going on.
On the flip side, this evening NFLX has reported great numbers and that may well spark some solid upside as we progress through earnings season.
Things still look great from what I see and I’m heavy into stocks.
SLX is moving to the upside today and that bodes well for my steel stock positions.
Friday, we see Donald Trumps inauguration, and while we may well see some volatility on the event, there will likely be no earth shaking announcement , nor will he be assassinated, which means I’d look to buy any solid dips we may get.
SPY just sits there in the shadows looking sexy and biding her time.
This cougar will soon ounce!
This chart is very positive.
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**These were my thoughts on the SPY ETF to subscribers in my Daily Trade Ideas which includes many, many more charts and setups**
What we think, or what we know, or what we believe is, in the end, of little consequence. The only consequence is what we do.
A wild day that was tough with the early weakness.
Stops were hit in a few while I added and bought some new positions as well.
The early weakness was troubling since it was on heavy volume but in the end markets ended nicely higher along with some stocks.
NFLX ended up tanking hard and I was peeling off more and more as it kept dropping with no sign of a bounce. It had an amazing run from the breakout last week at $329 and I can’t complain even though I didn’t sell at the top.
Still a great trade that only lasted a few days and now NFLX is back BELOW it’s breakout level. This is a move you rarely see in stocks. So violent, but sure is fun to watch. I’ll talk more about rules and NFLX later when I show the chart.
A lot of times in strong markets we see weaker action in the am and stronger action in the later parts of the day. That’s what we saw today but the power and swiftness was indicative of a deeper move lower which did not come.
Let’s begin with the index charts.
SPY had a great day on solid volume today. I’ll raise stops once again tonight as this one keeps running.
$174.70 is stops for half with the rest now at $174.15.
Have a super evening and Wednesday.