**These are my thoughts on the SPY ETF in my Daily Trade Ideas which includes many, many more charts and setups**
The difference between a successful person is not a lack of strength, not a lack of knowledge, but rather a lack of will. -Vincent Lombardi
Not a bad day with some stocks really soaring while others just can’t yet get going and markets were solid for the most part.
The trend is up and buying dips remains still the best strategy because it works.
I talked last night to members about the lack of volume on this move higher that we’ve seen for well over a year now for the most part.
My take is that low volume is not ideal and it adds to the worry, hence the old saying, bull markets climb a wall of worry.
There are so many bears around and people just not convinced, or worried.
We will see large volume come into this market once we really pick up steam and begin the parabolic end run which can last 6 months to a year but I don’t think we will see this real acceleration higher for another couple or few years.
I really have no idea when this move comes but I’ll be on it and ready for it and am very much looking forward to it.
Once we do get this run, once it pops, and it always does, we will be able to take a year or two off while markets correct hard and begin to find lows and setup for its next major secular move.
Work hard, really hard, while things are good and pursue anything you want afterwards and do it in style with lots of cash.
Let’s begin with the index chart as always.
**Members, please make sure to read my note near the end of this letter on my thoughts AFTER I’ve reviewed all my charts this evening.
Fine lower volume action here from the SPY ETF.
I’m still long with stops right around $188 which, if broken, could lead to a rest or a week or more.
Have a great Friday and weekend.