Fuinhaz $SPY read for February 6 2013

$SPY gaping down after we touched my 151.47 level yesterday in the late afternoon. The $NYMO (McClellan Oscillator) is back to a neutral position, giving us enough downside for the pullback to be played, but also giving us a ton of space to rip out any tops we have recently made. I know, I have been calling for a pullback, but the market just don’t want to give it to us. I am bearish, but not a perma-bear, I just like to take opportunities specially since my style is to scoop from the bottom up, or in this case from the top down.

I still play break out stocks like many of the people I share chat rooms with, but I love the fact that I can time a reversal, and take the most out of it.

Will this time be the chart? Honestly I don’t know but I certainly will make money today since I went short the $SPY as we touched the 151.47 level yesterday. And that is the whole idea. If the market fails right now, I will again do really well, but if it doesn’t I will set my stops, and go see if I can take this top.

And that is what trading is all about. I recently contacted Steven Place @stevenplace founder of Investing With Options and he said this about technical analysis “The only good thing about technical analysis is that it tells you where you are wrong.” I had never thought about it that way, but you know what? It is so true, and it have been helping me a lot when things don’t go my way. That only fuels me with trying to give my best again, and again to help everyone who reads my blog entries.

Now let’s go to today’s numbers

$SPY 1st support is 149.98, 2nd support 149.56 and 3rd is 148.83.