The SPY finally traded above that 95 level this week. In fact, it traded above that level for most of the week. With earnings surprises to the upside from most S&P companies, it’s understandable as to why. Even in the face of tech heavy weights MSFT and AMZN selling off on initial earnings results, we managed to hold a bid above that crucial level. Now beginning this week, all eyes are on the 98 level for immediate resistance, and 96.70, which was Friday’s support.
A broadening formation is being completed on the major indices. Even as we’re making new 8 month highs, this is something to be aware of.
Ask yourself what can go wrong with the market. A look at measuring risk over longer time frames, and trying to figure out where the best risk/reward scenarios are.
CalPERS rolling the dice to make back some money. Why not? The US Government has made it well known that it will bail out the players that are too big to fail. And frankly, CalPERs is too big to fail. Take a risk and if it pays off, you’re flat, if you lose more, you have your backstop.
A look at five distinguishing features of great traders. I must agree with all them. I know for me, when I’m trading my best, I’m doing all those things. One thing I have been working on over the past few months is being very strict on my discipline as to when to get into trades. Some great advice and things to focus on to improve your trading.
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