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Trade Ideas for Existing Long positions and New Ones

04/28/2017 2:49 am EST


Landon Whaley

Editor, Gravitational Edge

As SPY gains again in the week ending April 28, Landon Whaley, Founder and CEO of Whaley Capital Group, offers a weekly trade idea for investors holding existing long positions and another for those initiating new long positions.

The S&P 500 SPDR ETF (SPY) gained over 1.5% in the week ending April 28, 2017. Another week, another set of US economic data showing the economy continues to improve.


The latest durable goods orders and capital goods orders report show that both data sets remain at multi-year highs. The first estimate of Q1 GDP, which despite what the media would have you believe, also provides further evidence the US economy is accelerating.

US equities were further supported when the broad sketches of Trump’s tax plan were reported.

Essentially, Trump plans to slash individual and corporate tax rates like the furniture store that goes out of business every weekend slashes prices. Whether he can get the entire plan passed through is still uncertain but for those of us long US equities, it doesn’t matter.

Trump hope coupled with better US data was enough to allow SPY to tag a brand new all-time high, the Nasdaq to trade past 6,000 for the first time and the market cap of the MSCI World Equity Index to surpass $50 trillion!

We’ve enjoyed this latest ride higher in our open long trade idea I laid out in the trade commentary from April 21. SPY’s previous all-time high of $239.28 could prove to be a glass ceiling so I’ll be quick to lock in profits on any weakness.

Trade Idea for Investors Holding Existing Long Positions: Close all open trade ideas if SPY trades up to the $239.30 level but can’t close above that price. Likewise, close all open trade ideas if SPY closes below $237.27.

Trade Idea for Investors Initiating New Long Positions: New long trade ideas can be initiated on a decline to $233.62, or lower. Depending on how much room you want to give this trade idea to move, use a risk price between $231.60 and $227.00.

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