Just More Chop

**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.**

“A person with a new idea is a crank until the idea succeeds.”  Mark Twain

A weak day in the end but support areas are holding and the move up for markets should continue a bit longer.

I’m just not keen on day-trading too much with nice weather around for now and that’s about all we’ve gotten lately with a few exceptions that can last up to 3 days perhaps.

SPY August 4, 2015SPY holding 209 and the 210 area is fine and this is still on track to test 213 but this summer chop is just that.

Unless we see a breakout on heavy volume I’ll remain in cash mostly with the odd trade here and there waiting for the go signal.

Enjoy your summer evening.


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