SPY: Avoiding Stocks (For Now)
Warren Bevan | May 04, 2016 03:43AM ET
SPDR S&P 500 (NYSE:SPY)
"What would you do if you weren't afraid?" --Spencer Johnson
More chop today with a side of weakness, and the S&P is still holding support.
This is a great market to avoid, so I’m doing just that.
I will be away for about 2 weeks starting any day now as soon as one small part for the motorcycle arrives.
I’ll need some rest days and do plan on doing some writing on those days, but the blog and nightly letter will be sporadic, at best.
The precious metals are resting, and that is good action, as the new phase of the bull market is just in the very early stages.
SPY is holding 205, which is good action and points to a move higher, but if we do break 205, that level can be shorted with 202.50 the next support area to look at.
Have a lovely day.
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.