**These are my thoughts on the SPY ETF in my Daily Trade Ideas which includes many, many more charts and setups. Subscribe to my nightly Daily Trade Ideas on the right to see the rest of this letter.**
“The market is weird. Every time one guy sells, another one buys, and they both think they’re smart.” – Unknown
We saw a good sized gap open in markets and many leading stocks to open up the week.
There isn’t much to do unless you had a vision of this coming Friday and got long. I did not, although it seems many “traders” on twitter seem to have nailed the move.
It really amazes me how clairvoyant some of the people are.
Anyhow, not much action after the gap open leaving me without much to consider in terms of trades.
August is generally a very slow month and charts are not telling me it will be any different this year so I’m watching closely for failed moves, of which we’ve seen so many this summer.
As far as I can see, we are still caught between 191 and 194.
The action was pretty good today but I need to see it last and as I said, this is a weak time of year generally so it’s hard for me to get too excited yet.
Have a wonderful evening and Tuesday.