As we write this, note that market futures are basically flat. In keeping with our motto of less trading is better than more, and keeping it simple is key to success in the markets, we advise doing little today.
Here is why.
The SPY is bumping up against the underside of the 50DMA on the daily chart. See the attached chart. Until it is above that average for a few days, caution is required to make sure the market has enough buying interest to push above and continue higher.
Tighten your stops.
Consider following SH, an inverse to the SPY which can be an alternative to risk management with tight stops. ALWAYS have a tight stop on SH.
Take a look at SLV. IF SLV moves above a 34.50 price level, consider owning some. The chart is setting up for higher prices.
Want to see a winning ETF chart? Take a look at BOND. More on that in the coming days.