SPY: Sell Mode

266 7 8
There is no reason to be bull or a bear, when you can be a penguin and wait.
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Politics will sway the spys movement this morning, (premarket is down 61 cents) If it continues, I will short it now (it is on my list) and watch it closely, there are many other supply and demand possible pivots between your fibbonacci charts for the spy to react to. Your chart is good but I personally would not wait for the retracements to get in. I don't like to short long. Everytime I do that I lose the win. Cash out on smaller wins and allow yourself to go back in when the trend continues.
Rocketman snoopy11223
Nice. I hope you made a lot!!
LOL seriously?
Rocketman riskmode
Haha.. the wise Penguin,
riskmode Rocketman
Um it's no where near 155. Like not even remotely close. It would require some kind of global economic collapse for this to happen before you get stopped out.
Rocketman riskmode
Of course, but do you foresee everyone rushing in to by Google or running to U.S. Treasuries? Running to U.S. Treasuries at the moment and all month. Although we are at or near a weekly support now, there are other things to consider. Sell first, ask questions later is my motto. This is why when I take a trade it is not set in stone forever. So far it is working out on higher time frames. Also, there are fundamental reasons why we are approaching a new economic cycle, such that the ol' Yellen herself said that our economy can "warrant only GRADUAL RATE increases." The tone of this fed chairman was quite muted and a little dovish with a change of her hawkish stance; and, she said that she may raise rates, but slowly by 2017, but still unsure. The only odds of a 47% chance of a rate hike are around February 2017.

In March her GDP forecast was 2.2%, but now it is 2%. The labor market improvement "slowed markedly, while growth economic activity picked up," she said. So, we are mixed.

Another important thing to note that during the press conference, Janet Yellen said that if there is a "future large adverse shock," she must "lower rates." Adverse shock? What could that be? Then, a reporter asked the question concerning Brexit (a shock). And this is the "headwind" she was referring to.

There are other fundamental things that we can discuss, but it is the end of the week. On Saturday evening, I will be more prepared and fully loaded with my weekly predictions of the economic calendar.

For now, let the price speak for itself and confirm what we see on the charts:
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