**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.**
“Begin with the end in mind.” Stephen Covey
Monday started off strong and had me questioning my high cash level but then stocks and markets faded and all was normal again.
We remain in a range and until we breakout one way or another and I’m not doing much of anything until then.
Patience will pay and we may take a few small trades while we’re waiting.
I find if I try to be too active I just get chopped up, so I won’t.
Don’t get me wrong, I’ve had some spectacular successes day-trading but on balance, it’s a tricky game.
SPY really needs to get above 212.50 now and on heavy volume for me to consider getting too excited and, as I’ve talked about with subscribers, so many charts need some work so we may not be ready to break higher quite yet.
That can change relatively quickly though and that’s why I do so much homework every night and cover so many charts, so I always have my pulse on things but there isn’t a lot of good buys out there at the moment and as we’ve seen, most who do try to breakout just fail anyhow.
Enjoy this beautiful evening.