Welcome back to the Mid Week Update. Today it is going to be relatively short because I just walked in the door (9:15 PM), and there really is not a lot to talk about.
Below are two charts. $SPY and $GLD – both look bad, $GLD much more than $SPY though. Here is how I am going to deal with the market going forward –
$SPY is back in it’s summer range. Breakouts are going to begin to fail again. I will continue to monitor the A+ set ups, but anything short of A or A+, I will NOT be taking at this point. This type of range bound, choppy market is not for me. I like the trending markets and currently we are far from a trending market. I will say though, if we are able to hold lower for the next 2-3 days I will be happy to put on some swing shorts, that is what I am thinking at the moment will happen but I have no bias and that could change fast. I am likely not going to be trading tomorrow or for the next couple days, the charts have no A+ set ups. \
$GLD is the only thing I am really going to be focusing on. If it opens higher I will short it, simple as that. If it doesn’t, well, I am doing nothing tomorrow.
There are times for you to be in the market, and then there are some times in which you should not be. For me at least, now is not a time to be in the market as it is not conducive for my strategy. Is it for you? You need to answer that.
Have a good rest of the week. See ya Sunday.