$SPY Fed Minutes
SPY had a rather chaotic day… all over the place. This is fine as long as you plan your trades and take profit into key levels. SPY was on a holding pattern going into the minutes right on our 394 level… it broke it right after the minutes but immediately reclaimed. This is overall net bullish and a good sign to get long vs the recent lows. 395 was about .8-1.2 on the reclaim and went to just shy of 4.5 bucks at the highs.
JWN had earnings and we were looking for some momentum to come in… that is what we do after all. JWN held the 20.7 level during the open and was a low risk long. We love risking 50 cents to a buck to make an easy 2+ at our 23 watchlist level.
$DKS Earnings Rip
DKS was on watch as well due to earnings and it was even better than JWN. It had found support in premarket near our 57 watchlist level and was trending higher. If you got long at the open vs the 62.4 watchlist level below you did quite all right. This one gave us a nice trend all the way up into lunch. 65C was cheap at 3.5-4 bucks and went to a high of 14… not bad. Not bad at all!
Two Hour Trader Student Results
One of our members had something very important to say about losing days. It is an excellent lesson for all.