In all humility posting for the first time - and first of all, I want to address a big thank you to all of you who I have followed for a few weeks now. Thank you for posting your ideas and for some of you, taking so much time to explain what you're seeing.
OK - I do think that it will be difficult to stop this little bull market before 463. My momentum model directed me to move to exit SPY to go to cash around Jan 24th with a trade on Jan 31st (by my rules) - I am seeing SPY regaining momentum so next week is going to be critical for me to re-enter a position in SPY. I am not trading on feelings, I follow a momentum model that I have put together with the help of a programmer.
SPY reversing around 453 (and heading closer to 440) next week would keep SPY in a negative momentum and I would stay away from it. It would also anchor SPY further in negative territory (as per my model) and it would take a tremendous move up to bring it back into the positive.
SPY touching 460 - 463 would mean slightly positive momentum and, by rule, I would have to take a long position. For better or for worse... till next month - i am not really a day trader :-)
With that said this macro-environment is scary and doesn't make sense to me. I do think we're in a bear market so I will really think long before pulling the trigger on long if and when we get into the 460-463 zone...
Wishing a good week to you all.
OK - I do think that it will be difficult to stop this little bull market before 463. My momentum model directed me to move to exit SPY to go to cash around Jan 24th with a trade on Jan 31st (by my rules) - I am seeing SPY regaining momentum so next week is going to be critical for me to re-enter a position in SPY. I am not trading on feelings, I follow a momentum model that I have put together with the help of a programmer.
SPY reversing around 453 (and heading closer to 440) next week would keep SPY in a negative momentum and I would stay away from it. It would also anchor SPY further in negative territory (as per my model) and it would take a tremendous move up to bring it back into the positive.
SPY touching 460 - 463 would mean slightly positive momentum and, by rule, I would have to take a long position. For better or for worse... till next month - i am not really a day trader :-)
With that said this macro-environment is scary and doesn't make sense to me. I do think we're in a bear market so I will really think long before pulling the trigger on long if and when we get into the 460-463 zone...
Wishing a good week to you all.