These are my thoughts on the SPY ETF “Sometimes adversity is what you need to face in order to become successful.” — Zig Ziglar
Yesterday, was a day with leading stocks acting well and markets as well, although on a bit lighter volume than I’d prefer. It looks like the head and shoulders pattern in the (ARCA:SPY) ETF is now cancelled out.
I thought it was cancelled a few weeks back, then it looked to be in place once again but now it looks like it is null and void. Trading is all about being adaptable and viewing things for how they are, not how you want them to be.
I’ll be buying more and more stocks now as we move forward and in larger position sizes.
SPY is moving now and just on the cusp of moving into new highs and we should see some nice increasing volume as we do.
Most of the setups in stocks I’m seeing are from good earnings-gapped higher and now they have consolidated and are ready to breakout higher. Breakaway gaps are very powerful.