No Lovin’

**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.**

“The foolish man seeks happiness in the distance, the wise grows it under his feet.”  James Oppenheim

A very quiet day which is good as SPY hangs around the 211 pivot area well and another day or two could see a little more action.

That said, June tends to be weak and I’m really not seeing much power in any moves with the odd exception like NFLX which looks to have put a top in for now.

I’ll be going small to medium in size on trades I do take and stops are quite tight since I am not willing to get chopped up in this market.

SPY June 12, 2015SPY is basing nicely between 211 and 212 and a move above 212 is a buy point, but be weary if the breakout comes on low volume it is most likely to fail.

Last night I said a few days resting here around 211 would be ideal and so far that’s what we’re getting.

Stocks really are getting no loving here in terms of volume so I’ll be keeping it light until I see that change.

Have a great night, Friday and weekend and never forget that trading is mostly a waiting game while good setups form.

Saving your money until the easy money return is key.


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