*These are my thoughts on the SPY (SPDR S&P 500 (ARCA:SPY)) ETF in my Daily Trade Ideas which includes many, many more charts and setups**
“In this business if you are good, you are right 6 times out of10. You are never going to be right 9 times out of 10.” Peter Lynch
Quite a slow day really with stocks digesting recent gains for the most part along with the indexes.
Gold was hit again and is not looking good.
We are in the early stages of this next move so we should see some great gains going forward if we can nail the right stocks at the right time and so far so good on that front.
We did add some ACT and NFLX (NASDAQ:NFLX) today on its weakness and I also tried some FB (NASDAQ:FB) but took a small loss of a dime per share right away since it is just not ready yet.
Let’s get right to the charts.
Fine action from the SPY ETF and as long as it stays above 191 we are all good.
We are still not in full raging bull mode, so using dips to accumulate or buy something you missed on the original breakout is a good strategy.
For now, things are working but we have to be on our toes in case that changes.
I really am getting heavy here and don’t like having more stocks than this at anytime.
It is hard enough to keep track of 6 or 8 so I’m not looking for many more unless something really catches my eye.