Great Facebook Numbers

**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.**

“If everyone is thinking alike, then somebody isn’t thinking.”  George S. Patton

Great action once again today as the Fed did nothing as was expected.

FB is moving well after great numbers tonight and I may have a real winner on my hands with this one after seeing GILD and NFLX hit on their earnings, but now they are turning back up making buying the dips quite acceptable.

AMZN and GOOGL are up tonight on FB as well and they report Thursday after the close so it could be another great week for us in the end.

SPY July 28, 2016SPY remains in this horizontal channel which continues to imply higher prices are to come.

I’m still long SPY from 202 with a 10% weighting with 215 or so still my stop area.

Have a wonderful summer evening.


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