Working Off Overbought Readings

**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.**

“You must be shapeless, formless, like water. When you pour water in a cup, it becomes the cup. When you pour water in a bottle, it becomes the bottle. When you pour water in a teapot, it becomes the teapot. Water can drip and it can crash. Become like water, my friend.” ― Bruce Lee

Another resting/trending higher day which is working off the overbought reading we have right now very well.

The action has really been remarkable as stocks are finally acting properly so I’m still in my full positions as I’ve noted here for the past few weeks and I see no reason to exit yet.

SPY July 15, 2016I’ve got 10% into SPY from 202 with alerts now set at 216, 214.50 and 213.40 for potential stops.

Have a great evening.

Warren

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