**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.**
“Achievement of your happiness is the only moral purpose of your life, and that happiness, not pain or mindless self-indulgence, is the proof of your moral integrity, since it is the proof and the result of your loyalty to the achievement of your values.” Ayn Rand
Friday saw markets continue to roll over while some stocks did do well and a few did break out including REGN which had a great day after I locked in already solid gains Thursday.
Ah well, you can’t win them all and even REGN will likely move back if markets continue to roll over.
That said, during corrections I look to those who hold up best and REGN tends to be one of those.
I’m all cash and fine with that so now we see how SPY acts at the 208 support level where a low may be found.
I can’t see me doing anything for another day or 3 until I get some sign of a low, likely at the 208 area but if that can’t hold we may move to 205.
I hope you had a great weekend.