Markets Holding But Not Breaking Out Yet

**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.**

“Improvement begins with I.”  Arnold H. Glasgow

A pretty quiet end to the week and month but we still look ready for upside very soon.

Let’s see how the first of the month begins but new money is coming into the market so we should see some nice moves right away now.

That said, we did see a decent and fast correction at the beginning of May so I have to be ready to be reducing or selling out of my positions if I spot that type of action.

June 1, 2015SPY looks like it wants to roll over here but it is holding above the 211 breakout level so that is positive and means I’m staying long still.

I just have to see how this action develops and play it as such but I’m heavy into stocks right now and sitting on some decent gains and I do not want to see those disappear.

Have a wonderful and restful weekend.

Warren

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