Great Action But Volume Is Lacking

**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.**

“In this business if you’re good, you’re right six times out of ten. You’re never going to be right nine times out of ten.”  Peter Lynch

I’m back, exhausted, but back.

The last couple weeks wandering around the back roads of the southeastern US has been wonderful and something I needed badly.

I missed some great moves in stocks  but that’s how it goes.

Now many stocks need rest as they’re up against resistance areas.

I was planning to do some work from the road but internet and cell reception was spotty and I just rode my motorcycle and didn’t think much about work, which was very nice.

SPY June 8, 2016Good action from SPY but on low volume so there is no conviction.

I’m always weary of low volume breakouts so it looks like we may need a bit more rest still.

That said, it we do see a bump up in volume and a move higher I’ll be getting in heavy in a hurry.

Have a great night.


One thought on “Great Action But Volume Is Lacking

  1. Nice, glad you had some time to recharge the batteries.
    Thanks for posting your thoughts on the markets. I enjoy reading them and really like that they are short, sweet, to the point and with a bit musing humor mixed in.

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