Falling In Love

**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 pair of powerful spectacles has sometimes sufficed to cure a person in love.”  Friedrich Nietzsche

While stock are acting great, we can’t fall in love with then and have to look at their respective charts with objectivity.

We’re moving in to the heart of earnings season now and I usually do not hold stocks over their earnings reports but the odd time I make an exception to that rule and this may be one of those times.

Stocks have to be acting very strong for me to consider holding over earnings and right now, they are.

SPY July 18, 2016Fine action from SPY as it trends higher with a steep uptrend line.

I’ve got a 10% weighting in SPY from back at 202 and I’m looking at 214.50 and 213.40 for potential stops but it depends on the overall action as to what I do but I will tweet any trade I make at @iTraderz on twitter.

Enjoy the rest of your weekend.


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