**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.**

“It’s not whether you’re right or wrong that’s important, but how much money you make when you’re right and how much you lose when you’re wrong. ”  George Soros

Some good strong action early in the day until the Fed reiterated their desire to crater markets and hike rates in June.

Time will tell this tale but I’d not be opposed to reaping large quick gains in some short positions just before summer kicks into full gear!

SPY May 19, 2016SPY is still setting up for a break lower as I see this chart.

I’m still short 15% in SPY from 205.50.

The next short level is a break of 203.90.

Have a super evening.


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