Strong Action, But Weak Futures

**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.**

“Hide not your talents, they for use were made. What’s a sun-dial in the shade?”  Benjamin Franklin

A great Friday that saw our positions holding up very well along with markets so I took off on the bike for the afternoon and kept watch on the phone but had nothing to do in terms of selling and I’m not really looking to buy more right now.

That said markets are gaping lower pretty sharply early this Sunday evening so I may well have to do some selling Monday but you just never know how futures will hold overnight so I’ll be looking forward to waking up and seeing how things held up.

SPY August 31, 2015Good stuff from SPY as long as it remains above 195 and it is moving to 205 as the next resistance area.

We have a long weekend coming up so if we do roll over again hard here I’ll be back to cash and maybe take off for a couple or few days on the bike, but hopefully, stocks will continue to show strength.

I hope you had a special weekend as summer is drawing to a close far too quickly, as always.


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