**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.**
“The great thing in this world is not so much where you stand, as in what direction you are moving.” – Oliver Wendell Holmes
On a housekeeping note, we’ve got markets closed Thursday for Thanksgiving and only open Friday for half a day so while I’ll be in the office Wednesday and Friday morning, I’ll not have a letter or blog until the weekend unless something major happens.
It was a tough day news wise with Turkey downing a Russian jet and several more smaller terrorist attacks around the world that make it hard to keep up with, but as long as they aren’t large in scale, not to offend anyone, and markets hold then I can only remain long of stocks.
People are getting a bit numb to these types of events it seems, not that that is a good thing at all, just a reality.
That said, with this being the week of US thanksgiving, we’ve all got to be so thankful for so much and these days, having a safe place to live is right up at the top of that list.
Stocks dipped hard but held key levels so buying the dip is in play.
All good and I remain heavy into stocks and not looking for many more but I did buy some LNKD on the dip today.
SPY held the 207.50 support level perfectly today as it continues to setup to move past the 210 resistance level before we see how it acts at the 212.50 resistance area before we hit new highs into years end most likely.
All in all, the action remains strong and pointing to higher prices anytime now.
I wish you all a special, safe and wonderful Thanksgiving and I’ll be in touch again on the weekend.