Since the beginnig of 2013 we are stuck in a wide range in $SPY and $QQQ. $SPY is rangebound between 145- 146.50. Lots of traders are trying to anticipate a break on either side and getting frustrated. As a trader, you have to understand which side has the edge, at present , bulls have the edge in the bigger picture, however, we need a break of 146.50 on volume to have some conviction.

Even a gap down to 144 which is bought which is also the 20ma on SPY is still constructive. Earnings season officially started today, therefore, there would be many more opportunities in the coming days, preserve your capital and trade only when you have an edge.

For traders who are looking for HIGH LEVERAGE, LOW COMMISSIONS and RELIABLE PLATFORM, check out TRADER BENEFITS TAB for more info., earning season requires you to have enough buying power to be in trades and having a Power Day Trading account can help.


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  1. January 10th, 2013

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