SPY Thoughts May 30

**These are my thoughts on the SPY ETF in my Daily Trade Ideas which includes many, many more charts and setups**

“To trade successfully, you have to do it full-time.”  Monroe Trout

A nice day for sure as markets and leading stocks continue to show strength and are behaving well.

We tried some FB early on and were stopped out quickly once again.  It is just not ready to go so I won’t be in it until it is.

Good stuff from AAPL and NFLX today though and our other stocks are holding up and setting up for higher.

I’m into margin now and looking to reduce back below into strength, perhaps once AAPL jumps another $10 or so I’ll be reducing and booking gains.

We could see a pullback here, or so you’d think, but window dressing into months end is taking place and then new money should be put to work early next week which means I’ll be reducing into that strength if it comes.

We’ve had a nice run for the past week or so and it may be near time to reduce and look to get back in on weakness while perhaps retaining a core position in select stocks.

Let’s move right into the charts as I’ve got a very busy evening in front of me which will hopefully end with a glorious Habs victory!!

May 30, 2014SPY is working well from recent breakouts and I’d not be too concerned unless we fall under 191.

We should see this move go to 196 to 198, likely by the middle of next week.

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Have a great evening.


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