This week SPY story- working on taking out the July 5th high

Before we know it, by mid-week, SPY has almost made 2 points in its objective to take out the July 5th high.  It has not done so yet; but it is getting very close to doing so.  Once the 137.80 pivot high is taken out, next objective is to try to reach for the “X” in the chart.

Despite doom and gloom fundamental economic news, the SPY just keep on going and going and going UP.  Will the battery ever run out?  Better watch out for the day when the battery just “disintegrates” into nothing.

Yesterday morning correction spooked me out of a perfect positional play that included SZYM, DDD, and SSYS.  While I made money on these when I took profit yesterday morning, I left another chunk on the table yesterday (SZYM) and today (DDD & SSYS).  Of course, this was all hindsight speaking.  In retrospect, I didn’t have the “nerve/feel” to get back in after price went back up by market close yesterday ’cause I was out and was not watching the market during the day.  Sometimes, if you take yourself out of the market by out and about doing something else; you can feel “disconnect” from its life-force when you come back to it late in the day.  Hence, my inability to buy back DDD & SSYS before the market closed yesterday.  Today run-up on both was a big miss for me.  Oh well, water under the bridge so I need to move forward.  And yes, this will not be the only time I will miss big; I’m sure I will continue to miss big move from time to time.  Thus is the way the market works.  I have to accept these conditions as part of the way I traded and move on.  On the other hands, my quickness in getting out of positions, while robbed me of big gain from time to time, also saves me from numerous disaster from fast falling prices.  So, from an overall scheme of thing, I’ve to say I’m ahead in some form.

Good Hunting!