Rocking Into Resistance & A Long Weekend

**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.**

“A person who never made a mistake never tried anything new.”  Albert Einstein

Another strong day as we move into the end of the week and a long weekend.

US markets are closed Monday so holding over the long weekend seems a little on the risky side but that will depend on the action tomorrow.

I still have my full 10% weightings each in SPY AMZN ACIA TSLA GOOGL FB GILD and NFLX but I imagine I’ll be reducing to 5% weightings at some point Friday and perhaps locking in all gains.

Time will tell but the action on this bounce has been great so far.

I also bought a little 5% weighting in AG later in the day today.

SPY July 1, 2016Great stuff from SPY as it approaches the 210 resistance area.

I’d love to hold longer but this is just a swing trade unless we blast above 210 on heavy volume.

I’ve got 10% into SPY at 202 and I’m looking at 208.60 or so for stops now.

Enjoy this beautiful summer evening and long weekend wherever you are.

Life really is great.

Warren

One thought on “Rocking Into Resistance & A Long Weekend

  1. Gaps have been filled to the upside, now some back filling to the downside. Very good risk reward going short around 210 SPY here

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