"I believe that the only courage anybody ever needs is the courage to follow your own dreams." --Oprah Winfrey
SPDR S&P 500 (N:SPY) is showing a failed breakout Friday and we remain very overbought so we may finally be in for some weakness, or at least a slight move lower to consolidate and work off the overbought readings which remain at extreme levels.
SPY closing on the lows is good sign of a failed breakout and Monday will tell that tale, or if we hold above 195 then it’s more likely we move higher.
This week hasn’t played out as I’d thought but it happens, but on the bright side, skiing was as fun as it could have been without the powder I was hoping for.
I’m short SPY with a 15% weighting at 192.05 and I’m looking to get out near cost, or if we don’t move back under 195 Monday right away.