SPY: Far From a Fully Sized Position Trade
1.
A timely note on Sunday concluded with the thought that this market is starting to look like one worth shopping.
Deeply negative sentiment and derisked positioning tipped the scale before price.
2.
$SPDR S&P 500 ETF Trust(SPY)$ $S&P 500(.SPX)$ I have shared earlier last week that my preferred shopping zone for long positions is 4800-5200. This week I opened long at SPY 509.87, this trade is up 7%. Nice, but far from a fully sized position trade.
Price is currently 250+ pts above my shopping range. If this sustains, I can be convinced to size into strength, however I maintain the thought that the lows will still be revisited and potentially broken. Patience will be the key. No "fomo" feelings at this stage.
I am not interested to short. The mindset is entirely set to accumulate long exposure within my preferred shopping range.
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