SPY while trading in a narrow range lately, has still caused major whiplash for those trying to trade it to the long side. December 1st it finally broke resistance and rallied to 211 (uptrend confirmed) Draghi comment, plumenting crude and other exogenous variables drove it off a cliff to 205. Of course the next day it rallied back to get everyone even again.
This week we trade down down down and then great reversal yesterday morning from 206 to 208.65. I ma thinking textbook move we work to new highs.
But no , The FANG stocks go into a tailspin and croak SPY again, sending it to 204.75 and you have to say to yourself , when the fuck did SPY become a lottery ticket?
The key here is that FANG created this rally and FANG can kill it, put them on your screen and watch closely, where they go SPY will follow.
Enjoy the Day, DC is going to have spring like weather all weekend, retailers continue to get no help from mother nature.
If you enjoy the content at iBankCoin, please follow us on Twitter
