Is This Strength For Real?

**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.**

“Challenges are what make life interesting and overcoming them is what makes life meaningful.”   Joshua J. Marine

Some nice follow-through from FB Friday which is one of the few stocks to act strongly after earnings.

It’s end of the month rebalancing so we just have to see in the week and month ahead if this first attempt at strength is going to work, or going to be sold into.

Stocks remain very dangerous but are showing signs of perhaps a low being in on a more sustainable basis.

I’d love to see a longer base which would setup for a continuation of this bull market.

SPY February 1, 2016A nice breakout from SPY on a little increase in volume but I did not take the trade yet since TLT is also moving and I’ll talk about that later in this letter.

With it being the end of the month this may not be a real move but next week will tell that tale.

Enjoy your weekend.

Warren

Leave a Reply

Your email address will not be published.