Dear readers, I want to excuse myself from not presenting you all with a $SPY read yesterday. I went in for a regular check-up and received great news that I am 100% healthy and that I will be able to push myself a little harder on my bicycle.
Last night the Bank of Japan became the latest central bank to offer monetary stimulus, a move which investors hope will boost the global economy. Because of that action the futures are higher, but the $NYMO (McClellan Oscillator) have not come down enough for me to go on a buying spree. So I will be cautious going in today.
$SPY 1st support is 146.11, 2nd support 145.70, and 3rd is 145.29.
$SPY 1st target is 146.77 , 2nd is 147.60 3rd is 148.68, and 4th one just for fun is 149.20.
Trade what you see not what you think.
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In today's episode, I explain whether it is a good idea or not to rapidly increase the size of your portfolio if you come across a sum of cash. A lot of traders will do this without ever recognizing the emotional toll it can have on you as a swing trader and the awful mistakes you can make in doing so.
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