Swing trade/move lower on SPY ?

S

sss12

SPY closed at 247.84 on Friday, following gap opens on Th, F.


My call (although aggressive) is it tests back to 245.05 area (this week or next) filling gaps and testing 50 day MA (as of now not seeing any big weekend geo political market moving news).

any one strongly agree or disagree ? Specific reasoning would be helpful....
 
Charting, daily/weekly trend up, but either this coming week or next if market continues higher which is what my systems show, I be seller of Index futures and hedge individual stocks on open profits. Short weeks have always been frustrating to trade for me and will see how foreign markets behave Monday for giggles, but all my systems are automated, so I don't screw it up by making changes. Have learned my lessons way too many times, what I think will happen is seldom right and better to take seat back and let Trading Plan work.
 
Handle123 said:
Charting, daily/weekly trend up, but either this coming week or next if market continues higher which is what my systems show, I be seller of Index futures and hedge individual stocks on open profits. Short weeks have always been frustrating to trade for me and will see how foreign markets behave Monday for giggles, but all my systems are automated, so I don't screw it up by making changes. Have learned my lessons way too many times, what I think will happen is seldom right and better to take seat back and let Trading Plan work.
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Yes, trend is definitely up. That is why while I think it will test lower, I would not have a short position on until it did.
 
sss12 said:
I guess that could add some downward pressure.
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I really don't think thermo-nuclear war in Asia and 175 Billion in uninsured damages in Texas will stop this bull.
Load up on the FANG stocks while they're cheap!!! :D
 
vanzandt said:
I really don't think thermo-nuclear war in Asia and 175 Billion in uninsured damages in Texas will stop this bull.
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I am interpreting your comment as sarcastic. But to play the other side of this, it means that insurance companies don't have to cover these uninsured damages, so that is a bonus, and obviously stuff will get rebuilt, so that is a bonus, and where that money comes from can just be tacked onto the debt, which nobody clearly cares about, so that is a bonus too. All that has to happen is the debt ceiling has to be raised.

Now don't get me wrong, I'm not saying that I'm bullish, but each time there are enough reasons to be bearish, it still never turns out bearish.
 
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