Why I went long $SPY today
Price action in $SPY $QQQ $ES_F is conducive to start long positions, as a result we started building our core positions in our online trading room $SPY today between 140.70-141.20 region , stops at 138.
We had a nice 6% profitable core position $SPY swing in July ,which was documented here http://dchsn6.wordpress.com/2012/08/16/spy-target-1-142-achieved/. The charts below show my analysis for the swing core.
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I personally trade by watching price action only, with no fancy indicators as such and with the current dips being bought last few days, it tells me market has a bid underneath it.
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