**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.**
“For of all sad words of tongue or pen, The saddest are these ‘It might have been’” — John Greenleaf Whittie
Markets continue to correct a bit off resistance and that is great news.
Select stocks continue to hold up very well and setup for higher prices if markets can hold.
We’ve seen a few like AAPL and IBM weigh heavily on the indexes but as long as they don’t go lower, we should be fine.
This is still summertime so I’m not expecting a major breakout but we will get spurts of buys and then lock in those gains and take a couple weeks off and come back and do it all over again.
This type of action should continue until the fall.
So now we see if we can build a breakout pattern between 210 and 213, or if we break under 210 and move lower.
With the huge AMZN move tonight up to $573, tomorrow looks like it will be higher so 210 will hold well.
I’m in a few stocks but not heavy by any means but there are some great setups out there ready to go.
Swing trading for the summer looks to be on tap and that’s great.
Have a great evening, Friday and weekend.