Pretty quiet day yesterday unless you owned Foot Locker Inc (FL); down almost 28%…yesterday…ouch! A not so subtle reminder to not put too much into one company.
I still think SPY has to test 240. The close Friday was 242.71. You can see the support levels I have drawn on the chart. Mr. Market was a bit confused yesterday about Bannon leaving the White House and Carl Ichan distancing himself from Trump. What a mess.
SPDR’s S&P 500 Trust Series ETF (SPY) daily
Let’s let price action be our guide. Right now it’s telling me to hold all open positions. That’s it.
No buying until price action is getting bid up at good support levels.
No selling until good support gets taken out.
I’ll get back to you as soon as there is action required. Or, as soon as I have something worthy enough to take up your time. And, by the way, thanks for your time. I hope my stuff helps you as much as it helps me.
Side note…just the knowledge of having an effective sell discipline gives me the confidence I need to take the risks I take.
OK, enough of that.
I’m just chilling at home all weekend and planning on a long swim today…maybe a mile. If you have any stocks or ETF’s that you would like me to analyze just shoot me an email and I will try and get them done for you by Monday pre market.
Have a great weekend,
Don