Lacking 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.**

“A great trader is like a great athlete. You have to have natural skills, but you have to train yourself how to use them.” Marty Schwartz

Friday was very quiet so there isn’t much to say on any front really.

That said, a few of our mining positions had 3 days with very tight closes which suggests a big move higher coming Monday.

Let’s see if that setup in the charts comes true Monday or not.

MSFT and FB are into new highs which is positive but if those levels don’t hold then it’s just a one day wonder type of move which is negative for stocks in general.

So far this earnings season we’ve seen some leading stocks show one day wonder moves while other are showing good strength which means there is really no general consensus or trend to rely on, yet at least.

october-24-2016Not much to say about SPY really but they do say never short a dull market and this one is quite dull at the moment.

That said, the large head and shoulders topping pattern is something to watch closely.

Enjoy your weekend.

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