Failed Breakouts And Roll-Overs

**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.**

“Success is achieved by development of our strengths, not by elimination of our weakness.”  Anonymous

It seems the correction I thought was coming a couple nights ago is now here and I went to cash today.

I don’t think this will last too long but it may be sharp so cash is good but I’m not really considering any shorts quite yet, rather, I’ll look for the bounce plays in a few days.

Sometimes it’s best to do nothing so I’ll likely do little but yard-work for the next few days but I’m always watching.

SPY June 5, 2015SPY is back under 211 which isn’t great but it’s holding the 50 day average so far so that is positive but it does look like we will break lower here and I’d look for support next at the 208 area.

That said, if we move back above 211 that is a positive move and may see me buying back into some stocks.

Enjoy your evening, Friday and weekend and be careful if you’re still in stocks.

Warren

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