More Cracks

**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.**

“Nothing ever is, but is always becoming.”  Plato

More cracks appeared today and I have the feeling like a fast correction is coming now.

I did sell a little today but am still holding those who are holding up well.

I also bought some HZNP as it tried to breakout but then I took a small loss as that move failed.

I’m sure glad we took small losses in CLVS and MDVN yesterday as they were quite weak today.

I’m trying to let the stocks take me out of positions even though I think I’ll be back in all cash by tomorrow.

It’s more a feeling I get sometimes with the action I see than anything truly quantifiable so let’s hope I’m wrong and we continue to move higher.

SPY June 3, 2015SPY is holding the uptrend line and 211 but barely.

We’ve spent too long here and look ready to roll over so be very quick to lock in gains if we see early weakness on heavy volume tomorrow.

Have a nice evening and be cautious now in the market.


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