**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.**
“People will do almost anything to stay in their comfort zones. If you want to accomplish anything, get out of your comfort zone. Strive to increase order and discipline in your life. Discipline usually means doing the opposite of what you feel like doing.” – Kekich Credo #1
I do not like the action we’ve seen lately and especially since last Friday.
I sold just about everything today to lock in some amazing gains, and a few losses, as I detailed on twitter today @iTraderz
We can always buy stocks back but mid-September until November tend to be poor months in the market so it may be a good time to take a little trip and enjoy the fruits of the profits we’ve just locked in.
I thought we’d get a rip higher before the seasonal weakness kicked in but that’s what I get for thinking.
We just have to interpret the charts and act without emotion.
I’m looking for short positions as they come but not going to push my luck and I am already short HCLP.
We had a great run, and likely will again into years end, but 6 to 8 weeks of setup is certainly due before that so I’m not looking for a crash.
Shorting will be limited to excellent setups and action.
Enjoy your night.