{"id":581,"date":"2009-05-12T17:13:44","date_gmt":"2009-05-12T22:13:44","guid":{"rendered":"http:\/\/www.smbtraining.com\/blog\/?p=581"},"modified":"2009-05-12T20:02:45","modified_gmt":"2009-05-13T01:02:45","slug":"how-to-trade-spy-90-support-level","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/how-to-trade-spy-90-support-level","title":{"rendered":"How to Trade SPY 90 Support Level"},"content":{"rendered":"

OK so let’s start with a little context. The market has been very strong. We are up close to 40 percent from the bottom. We are in an uptrending market. In an uptrending market we buy pullbacks. And today was a perfect example. Let’s discuss.<\/p>\n

I am gonna make this short. But our very own JToma was on CNBC’s Fast Money Half-Time Report<\/a> sharing that we are watching SPY 90 into the Close today. Now it is true that JToma is a good-looking and charismatic guy. Certainly his performance on CNBC’s Fast Money<\/a> the previous night was simply-must see TV. He was outstanding. But also he is sharing very valuable trading advice that we all should heed, including this writer.<\/p>\n

Last night on Fast Money and today during the Half-Time report JToma pounded the table on SPY 90. He said that he was buying the leaders into pullbacks. Today SPY leaked a little below 90, failed to hold below, and then traded strongly into the Close. Anyone watching JToma on CNBC would not be surprised. For those who watched but failed to pull the trigger, JToma can’t come to your home and press your buy buttons for you. But he can let you know the levels we are watching.<\/p>\n

Seriously, when the market is in an uptrend you must buy the pullbacks. Now we are mentally agile and if the market holds below 89.90 SPY then we will get flat, and trade with a short bias. But until this time we trade with a long bias. We are buying the market leaders. And we are adding to our positions when the market holds higher.<\/p>\n

So let me tell you exactly how to play the SPY 90 level this afternoon. When SPY hits 90, start to nibble at a bunch of a different market leaders, GS, WFC, AAPL, IBM, etc. Buy a basket with small size. If SPY holds below 89.90 then hit your stocks, gather information and reevaluate. When SPY started a range between 90.25 and 90.35, then hold your longs. When SPY broke above 90.35 get longer the stocks that are acting the best. No one at this point should be doing anything save trading with a long bias. Exit when the market fails to make new highs or breaks its uptrend.<\/p>\n

Fundamentally this is how you trade the 90 SPY level in an uptrending market. <\/p>\n

Best of luck with your trading! Great job JToma on CNBC.<\/p>\n

Don’t forget to follow us on twitter<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

OK so let’s start with a little context. The market has been very strong. We are up close to 40 percent from the bottom. We are in an uptrending market. In an uptrending market we buy pullbacks. And today was a perfect example. Let’s discuss. I am gonna make this short. But our very own JToma was on CNBC’s Fast … Read More<\/a><\/p>\n","protected":false},"author":144,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[4676,30,18,170],"class_list":["post-581","post","type-post","status-publish","format-standard","hentry","category-mike-bellafiore-bellas-blogs","tag-day-trading","tag-prop-trading","tag-smb-capital","tag-spy","no-post-thumbnail"],"yoast_head":"\nHow to Trade SPY 90 Support Level | SMB Training<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.smbtraining.com\/blog\/how-to-trade-spy-90-support-level\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How to Trade SPY 90 Support Level | SMB Training\" \/>\n<meta property=\"og:description\" content=\"OK so let’s start with a little context. 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