I’m not too concerned about today’s price action.
As I said recently, we are likely to test 240 on SPY. Closing price today was 243.09.
Remember, stocks don’t only go up. Sometimes they go down. And, many times, they go down fast. We might have have another down day tomorrow. It’s the nature of the beast.
S&P 500 ETF (SPY) daily
Corrections are healthy. Price reversion to a mean is usually an excellent opportunity to add to positions or enter new positions.
We will see. Tomorrow will be interesting. I’ll get back to you Monday or Tuesday morning depending on price action.
Without trying to be political and my inability to factor all, constantly changing fundamental factors in to some prediction of what price will do, I will say this…
The fact that Trump has lost his CEO committee members by them resigning en masse is very troubling. I am concerned.
Fortunately, I know how to identify when it’s time to sell.
Trade Smart,
Don