**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.**
“What seems too high and risky to the majority generally goes higher and what seems low and cheap generally goes lower.” William O’Neil
We continue to be plagued with poor action lacking any trend at all but Thursday is finally the long awaited Brexit vote so we should begin to see some action one way or another, but only time will tell if that action develops into something I can take advantage of.
I don’t mind not doing much in the summer since our summer is such a short window, usually just 6 to 8 weeks.
It’s nice to slow down while the sun shines.
I don’t see any really fundamental reason why markets will move higher here in terms of earnings but the SPY chart does imply higher.
The chart looks great and ready for higher with 210 the buy area, so unless told otherwise, I’m looking to get long of stocks, not short.
Enjoy your evening and the quiet markets that keep me in cash.