Fuinhaz $SPY morning update April 19th, 2012

$SPY still stuck in that 138.35 – 139.25 range, but I am seeing a lot of good names and setups coming in and working either long or short.

The market got more good news than bad, so one should expect long positions to have a better edge. But it is very hard to tell when that will happen. Keep in mind that the $SPY is defending the 50ma very well lately, and with great earnings coming out, I really don’t see why it would stop working right now.

My only advice is to time your entries with the levels I lay out everyday if that is what is working for you. But please keep positions small. Do not put yourself in a position that may cause you to lose an amount, just because you got over confident, when the market was telling you to be cautious.

May you all have a good continuation of your day.