**These are my thoughts on the N:SPY ETF in my Daily Trade Ideas which includes many, many more charts and setups.**
“When I hear somebody sigh, ‘Life is hard,’ I am always tempted to ask, ‘Compared to what?’” Sydney Harris
Another nasty day, even with markets oversold.
I did some some more selling and thankfully real-time members and I sold out of N:VIPS Thursday and Friday it was off 27%.
It wasn’t fun seeing VIPS profits turn to a small loss but I have to listen to the stock and it told me to get out, and just in time.
A small loss is always hard but much easier than a very large one.
SPY held 202.50 support and the target of the small head and shoulder pattern I pointed out the other night but closing on the lows is rarely a positive sign.
If 202.50 can’t hold, then the 198 area looks to be next.