**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.**
”Being ignorant is not so much a shame, as being unwilling to learn.” Benjamin Franklin
As much as I do love to travel and attend concerts and music festivals, it is great to be home after a week on the road with the bike mostly.
Summer has been super busy, as always, but it’s slowing down now, at least for the coming week.
Time to eat some strawberries and new potatoes.
If you’ve ever been to PEI this time of year you know what I’m talking about.
Stocks continue to act like champs finally, with the exception of AMZN today on prime day but it’s still holding up very well so I’m still holding it.
I’ve got a 5% weighting in AG and 10% in AMZN ACIA FB GOOGL NFLX GILD SPY and TSLA and I’d love to hold them for as long as they continue to act properly, something we haven’t seen since late 2014.
The sideways markets we’ve seen for so long were no fun but sideways action never lasts forever and it looks like we may be resuming a new uptrend in this bull market.
SPY continues to rock higher even though volume is certainly not exploding, but the spike low day on the Brexit vote saw massive accumulation so that may explain the lack of increased buying as we move into highs, or maybe everyones just on vacation and missing the great moves.
I have 10% into SPY from 202 and I have alerts set at 214.50 and 213.40 for potential stops.
I’ll tweet when I lock in gains at @iTraderz
The alerts are there to make me take a closer look at the action and then decide.
Have a lovely evening.