Near Perfect Action

**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.**

“Bring your desires down to your present means. Increase them only when your increased means permit.”  Aristotle

A great week of travel and music and stock action as we consolidated very well all week and then Friday saw stocks begin to move higher again which really makes the weekly charts look great.

Next blog and letter will be Tuesday as I’m off again until Monday but stocks are looking and acting very very good, so far, as we see the best action we’ve seen since late 2014.

While we aren’t really breaking out yet, we are seeing action play out how it should in a strong market so I do hope to see it continue.

SPY July 10, 2016Super action out of the V pattern and on increasing volume.

We rested well, and now are moving higher.

I still have a 10% weighting in SPY from 202 and I can now bump stops up to the 210 area.

Have a great weekend.


Leave a Reply

Your email address will not be published.