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SPY Thoughts: A Move Higher?

ByWarren Bevan
Published 09/08/2013, 05:19 AM
Updated 07/09/2023, 06:31 AM

A wicked day Friday that started with a nice gap open that had me thinking we were off to the races but we quickly and sharply faded and I was selling like mad only to see a low in many and I was quickly reversing and buying like mad!

We still look like things want to go higher here but weak hands are being tested. Many leading stocks are doing fantastic in terms of holding up and several are moving nicely out of bases while some other are setup to go now or very soon.

Let’s get into the index chart and then some really nice buy points and some really nice positions we’ve already got on.
SPY
SPY is really struggling to stay above the $166 area. We saw a heavy volume day Friday as prices rose and fell sharply.

I’m long here now after getting out and getting back in off the lows and peeling off about half as we dropped again near the end of the day.

It was an active day for sure and a dangerous one.

With such volatility I think it is best to be small here in the market unless you can watch all day and be in and out quickly.

I’m about medium size in this market but I can watch and react quickly.

I still think we look ready for a move higher but I am ready if we don’t.

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