Weekly Market Glance & Analysis

[DeeBee]

SPY Update:
It is obviously pointing down but always bear in mind that in any liquid market anything can happen. Learn to adapt quickly and forget the why. You can always re-enter again. What I'm saying is its better to have many small losses than suffer a real big one that endangers your hard earned capital.



GLD Update:
Still holding GLD, Dec115 Put position and keeping a close tab where the price action is.

[DeeBee]

Well of course according to what I see. Let me know what you think as usual.

SPY



GLD

[DeeBee]

The SPY broke the key number 107 and slide through below the 106 level early today, so so far we are correct in our market assessment. Now we wait for a minor pullback towards 105-106 area this is my preferred scenario but keep in mind the market always have the final say. Traders like you and me must be quick to adjust accordingly.

SPY



Bought EWS (Singapore ETF) yesterday, August 24 @ 11.92 per share.

[Brendan Egan]

Good stuff as always, DeeBee. I think your analysis is spot on-- always enjoy checking out your latest posts!

I like your post above where you mention not to worry about the "whys" of why the market is doing something but just be prepared for anything right now and place your trades accordingly.

[DeeBee]

Just wanted to post this brief market notes before I go out today. The SPY is back very near the level 107 on good volume. I've mentioned this before as a critical area for the SPY. I will not do anything but wait for now and watch the overall market. Look for clues in price action.



EWS is moving nicely in my direction. I'm still holding. BTW, in case your interested Asian country ETFs are in demand I encourage you to look at some of these Thailand, Vietneam, Indonesia, India, South Korea, and Malaysia. I'll let you search for their symbols. Do not forget South America.

[DeeBee]

Awesome market move this week! The SPY convincingly reclaimed the 107 level and much more. I'm waiting for a pullback at 109 or better, ideally 108.50 would be the best. I have a list of strong stocks and ETFs that I will buy if the pullback scenarios unfold. This is a swing trade, I'll take any gains if price action hesitates at 112-113 level.



BTW, still holding EWS long shares. Happy Labor Day!!!

[DeeBee]

[DeeBee]

[DeeBee]

Just got home from Coronado, SD visited friends and wife's relatives. Can't show you chart of SPY, I'm exhausted so this is my notes for this week. Here's my answer to my own question... I would wait for the market to show me something to believe in right now the situation is not clear. The SPY is still testing the 112-113 level volume remains anemic. I'm not trusting what I'm seeing I'm leaning bearish but I will not enter any short trades without further confirmation. Remember, no need to hurry the market usually give second chances.

[DeeBee]

I have to respect the bulls they've proven to be quite strong. I'm getting long on the next pullback but will only initiate half of my intended shares and use a tighter stop. The level 112-113 now serves as support.

As I said above SPY continue to exhibit unbelievable up run a pullback from here might be a shallow one but also note October is known in history as a month that the market crashes...1929 and 1987 were the famous ones. However, October is also known to be the sixth best month. So, now what? For me, I'll just keep doing the same thing; watch price action and use it as guide of my trading decisions.