SPY is still in shorts.  We did close below the PP for the day.  We did test the long but it sold off.  We have a fight over the trend.  Move  your stop to 177.07.  Friday is Mutual Fund Friday so that tells me money will be coming into the market with market orders.  We may have a pop on Friday.  Keep an eye on the market so your stops don't get jumped.  Check the ES in the morning for the warning signs. 

If we get some room to the down side we will be able to move our stop to break even tomorrow night.  We will let that run for Mutual Fund Friday and hope we stay in.  We do have two resistance points (support) you need to be aware of, 175.56 and the 171.02.  The idea is to ride this short to the 171.02. When we hit the target, take the back test of the 171.02 for a long.  

Options traders:  We are still in a put option long.  Keep your stop at 3.91.  At the end of day Friday we should be able to move our stop to breakeven or a small profit.

FOMC day,  Markets did move, but really sloppy.  We exited our second long on the SPY at 176.79 for a 9.29 profit.   Our option contracts exit at 4.84 for a 323% gain on the second half.  We reentered short on the SPY at 176.80 with our stop at 177.23.  WARNING, tomorrow if we break the 176.97 it may take out our stop.  This is a counter trend trade.  Very risky.  If the market closes below the PP (primary pivot) tomorrow we have a good chance to fall next week for a pull back for another long.  If we rise tomorrow and back test the PP then you can reverse and take it long.  Remember we are at highs and it may be sloppy.  Manage your losers and let your winners run.  Small losses and large gains.  Check the ES in the morning to see if we have moved above the ES, PP.  If we have, before the market opens, then take appropriate action.

Option traders: we went short with a put options at 4.18 today, with a stop at 3.91.  Risking .27 on the trade.  Same rules apply to you as the market moves tomorrow for reversing or holding the put option.  

Exit Option

Enter Put Option

Daily Profit Target with in 31 Ticks

Warning!!  Close all you longs if we close below the PP!  We came within 20 ticks of our target.  Look for a back test of the PP and take it short, after the FOMC meeting at 2pm EST. PP at 176.86.  It is FOMC day so expect volatility.  After the last FOMC meeting we popped until the following day.  Stick to the rules...  If you do get into a short place your stops at highs.

Choppy grind up today on the SPY.  Lock in more profits.  Move stop to 175.97. We are with in 1 full point of our target.  Keep a close eye on the market Wednesday and Thursday.  Keep your stops tight because Fed will be talking tomorrow and the market may pop Wed and Thurs then tank Friday.  It happened in the past after the Fed's talking.

Option move stop to 4.43!  That is a 300% gain to date on the second half!!

Markets were a little slow today because people are waiting for the Fed on Wed at 2 pm EST.  We will move our stops to 175.45 and lock in more profits.

Options move your stop to 4.06

SPY is moving higher.  Lock in profits and move your stop to 174.87.  Still have 2 point before we get to the profit target at 177.82.

Options move your stop to 3.76.  You more then doubled your money on the second half.  Have a great weekend!

We got another entry in the SPY at 174.63.  Looks like we are green to go. Place your stops at 174.47.  Keep the last half of the options running.  We already pulled a double hoping for more.