**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 don’t know where I’m going from here, but I promise it won’t be boring” David Bowie
Not super action for most of the day but when it counted, into the close, we saw great strength on nice strong volume.
We’re bouncing well off support levels and should see this bounce last a week or so.
Very nice action and volume into the close tells me we are now bouncing off very oversold levels so we should expect some large and quick gains in the next few days to a week or so.
That said, if I’m wrong I won’t stay long for long and will exit my long positions.
I’ve still got my 10% weighting in SPY from 194.60 as well as my positions in NFLX AAPL AMZN LNKD BIDU and GOOGL.
Enjoy your evening.