In today’s edition of SPY Daily, I’d like to teach you why I apply a commonly overlooked mentality in trading, and how I plan to close out this week’s trading action.
I don’t hold through events such as Federal Reserve announcements or jobs reports… Because I’ve already executed the Market Navigator trade of the day with members while answering questions for the group.
I don’t need to assume a tremendous amount of risk. I don’t want to assume a tremendous amount of risk.
I mean… do you?
Losing money hand over fist in the market doesn’t sound like any fun to me.
That’s why risk management has been a key component of the Market Navigator trade of the day since I founded the strategy many years ago, and I have no complaints about how my trading education has gone since.
Now, let me teach you my plan for today.
While today appears to be a busy day, four out of seven economic calendar events are set to release ahead of the options market opening at 9:30 am ET. The events taking place during market hours are low-impact.
So, I’m not stressing any events on today’s economic calendar as it relates to the trade of the day, but I do see an attractive level to watch on today’s SPDR S&P 500 ETF (SPY) chart of the day.
As displayed by the 60-minute chart below, SPY is trading at a premarket high as I’m typing.
I don’t buy into highs at the opening bell. Why?
A gap-up has already happened. If I were to buy at the opening bell, I’d likely be buying when the overnight bulls are selling, and possibly take a quick stop loss.
So, I look the other way.
Yes, as of right now, I’m looking to trade SPY to the downside if premarket highs hold as a significant gap-up has already taken place. After all, Newton’s third law states “for every action, there is an equal and opposite reaction.”
The best way to access the trade of the day – and learn from me as I trade LIVE with Market Navigator members each morning – is to get in touch with my VIP team.
Do yourself a favor and dial 410-775-8568 right now.
Let them know you’re interested in the Market Navigator trade of the day.
That will let them know I sent you.
With that in mind, I won’t take up any more of your time…
Call now: 410-775-8568