**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.**
“All difficult things have their origin in that which is easy, and great things in that which is small.” Lao-Tzu
Some HUGE money was made today, that is, had you bought last nights close and sold right at the open today.
This type of market is not for me.
The market just as easily could have gapped down large so I’ll stay on the sidelines and look for some intra-day opportunities if they come along.
Where I am from, and am living again now, PEI, has short summers and the weather has been absolutely money lately, unlike the markets, so I skipped off to the beach for a couple hours this afternoon before clamoring back to the office for the last hour and now to write this blog post and a short letter for subscribers.
When things are no good, I try to enjoy life, although it’s rare the weather actually allows for this so I’ve really got to do it while I can.
Save your cash and enjoy the sunny days while they are here.
I’m just not willing to take a “guess” and hold anything overnight right now.
I’d be plenty happy if that time doesn’t come until October though!
So far, the 200 day is holding so I’d say the range to watch is 208 on the upside with 204 on the downside.
Enjoy your evening, Friday and weekend.