Markets Mission Not To Disappoint, But It Will
The SPY and the market seem to be on a mission to not disappoint, but it will. Putting aside normal profit-taking pullbacks the trend from April this year has been fantastic for the bull trader!
The SPY has marched higher (Higher Highs) paused for profit taking (higher Lows), and the again marched higher, time after time. One has to wonder when will the market tire out and surrender to the sellers. Well, the truth is it will someday. The wise swing trader knows not to predict but to understand Price Action and trade the charts, not the “Fear of Missing Out” (FOMO). Swing traders understand that Monday through Thursday they can make money and Friday can come alone and you might not make any money, swing traders understand and know they made a profit the first four days of the week. The point is not every day will be a money making day, and we must remember while we are trading for profit we also want to protect what we have earned.
Yesterday the SPY gapped and closed higher on big volume as it gets closer to the upper channel line. As we approach, and even now I believe caution and protecting profits should be our #1 concern going forward for the next several days maybe even weeks. I see many traders (myself as well) are stepping into insurance trades to protect and offset any losses that may occur.
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