On the good news front my GDX bull spread from the day of the low a couple weeks ago was exited on Tuesday for a tidy gain of +70%. That leaves me looking for what is next and not finding too much that interests me. Mag 7 has done incredible off the lows a couple weeks ago.. at the time I emphatically said, not to be short anymore, and I would be long INTEL, if looking for a bullish play. However by no means could I have envisioned what has transpired… INTEL stock itself is up 50% in 2 weeks!

Since I wasn’t expecting the crazy bullish recent trading pattern, it tells me I am not in sync with what the market is doing — so in those cases I stay out. Our job is not to figure out what the market is doing all the time (impossible), but to wait for opportunities where we do believe we know what it is likely to do. Patience pays. 668 my important support in SPY.

Thanks,

Joe

If you are avoiding jumping into wild, unpredictable, live wire trades and are looking for the highest probability moves that get lost in the endless babble of the “gurus” and so called talking heads, check this out. I designed it to cut out the BS and get me right to the trades I would recommend to my family. click here.