**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.**
“It is not the mountain we conquer but ourselves.” Edmund Hillary
We began the week with some solid weakness just as we did last week and then the strength came back before we ended on a weak note into the close.
A few crack reared their head today as they did the first day of trading last week but they were quickly annulled the very next day so I’d like to see that take place this week as well.
Could be we starting a pattern of weak Mondays?
I did do some late day selling of two stocks since they broke patterns and were going to close below my stop levels so I got out while losses were small.
On the flip-side, we just bought ADXS late last week and it’s up 14% today alone.
I tweeted over the weekend that I was seeing some cup and handle patterns and subscribers knew one of those was ADXS.
Cup and handles are very powerful and there are others out there ready to go as well but ADXS moves just fantastic.
This is my third trade in ADXS this year the first being from about $8 to $13 the $14 to $22 or so and now from $24 to who knows where.
This stocks has been our largest gainer this year.
That said, the chart does seem to want lower with more volume on the down days but let’s just see how it plays out.
The QQQ closed much better today and there is a bit of divergence still.
Have a great night.