Daily SPY Read

So much excitement yesterday, so much talk about making new highs. And now we are back to reality. How confident does these headlines make you feel? "Cyprus Banks Opening: Guards Prepare for Battle" or "Europe Shares Turn Lower on Italy Concerns". The only thing that can save the day is the Home Pending Data coming in

European shares are mildly holding their gains as Cyprus fears continue. Some banks were to be reopened today, but he government decided that they should stay closed until Thursday. The $SPY is mildly higher, but not convincing. Most of the setups I see are bearish, as the market is again trying to find a reason

The $SPY was much higher when I woke up am 6:30am. It is still an impressive move as apparently Cyprus got a "draft" deal from the European Union. Also known as the Socialists have gone wild program. The truth is that there is no deal so far. Everything that is being said is a way

$SPY mildly high this morning. I personally think it is a bull trap since the Cyprus news is the only thing making headlines. I have been noticing a lot of momentum traders being very cautious, and looking for a pullback that will fill the current gap in the $SPY. I can only see one thing.

$SPY lower following a big run yesterday after the Fed said that nothing had changed in the interest rate. In Europe the Euro-group chief said that the Russia aid for Cyprus is unlikely to happen, and that they got four days to strike a deal. As for US economic news the new jobless claims edged higher by 2,000 to

The Cyprus talks continue as they are now considering help from Russia. Not the kind of partner I would like to have during a crisis. Today we also have the fed decision. Which will not decide on anything but talk about the economy. I do think that this time he will start to mention that

$SPY gaping higher after yesterday's reality check. The whole world waiting for a piece of land of about 3,572 sq miles to decide it s fate. I hope their 15 min of fame with be fast and furious. We all know that those Socialist countries don't have a lot crisis management, and are probably thinking with their individual pockets instead of fixing

Well I have to say that gap down came in a very interesting time. Last week as many of you remember I was expecting the 156.45 level to be the top for the year. I also had a 156.70 for my 2nd target on the $SPY level which represented the all time high in the

$SPY opening this morning lower, but going ex dividend. But still not a lot of movement ever since we broke all time highs. At this point it gets very hard to predict the $SPY move if we continue to drift higher. The only thing I can see right now is that this 156 - 157

Big day for me, as we approach my 156.45 mark. I actually saw 156.44 being printed this morning.  Again I want my readers to be really cautious, and only take this market in a bearish way if and only we have confirmation. That confirmation could take a couple of days, so even if I get