**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.**
I guess I should warn you, if I turn out to be particularly clear, you’ve probably misunderstood what I’ve said. -Alan Greenspan
Friday was very weak and I continue to sit in cash and will most likely, except a trade here or there, until September ends and quite likely a good chunk of October as well.
The S&P failed breakout wasn’t hard to spot and now we are ready for lower.
SPY showed a massive breakout failure and is now set to break lower.
Cash is best, unless you can be quick, but we may get some great bargains on stocks over the next few weeks or month so I’m always watching things.
I am building my shopping list!
Enjoy the rest of your weekend.