**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.**
“Maybe we’re born lost,born to persevere” Gordon Downie, The Tragically Hip
More strong action from select stocks with others mostly holding up well.
Oil showed strength today so their respective stocks did as well while precious metals miners also showed a nice quick spike low and seem to be moving higher already.
All in all, we remain on track to finish out August strong before seeing a deeper correction into late October and then we can get serious again on the long side, if it all goes to plan.
I’m away this weekend so there will be no letter until Tuesday again most likely.
I’d be remiss to not mention one of the greatest Canadian rock bands of all time, The Tragically Hip.
Our local hero, Gordon Downie, was diagnosed with a terminal brain cancer earlier this year.
I’ve been privileged to see The Hip twice and they are an incredible band to see live.
Despite this terminal diagnosis, Gord, and the band, decided to do one last tour this summer.
The final concert is this Saturday from their hometown of Kingston Ontario, in an intimate 6,000 person rink.
The concert is thankfully being broadcast live on TV and the internet and Canada is going to shut down Saturday night and all come together for what will be one of the most memorable events in this great countries history.
It’s sure to be a tear jerker and the boys are going to tear down the house.
I’ve been looking forward to this event all summer long and I’m getting together with a couple hundred of the best folks around and we’re going to get rip roaring drunk one last time for The Hip and project the show onto a barn far out in the country where we can sing and dance and cry all together all night long.
Cheers to The Hip, the band we all grew up together with.
A solid day for SPY after bouncing off the 21 day average well.
Looks like we continue higher from here.
I’ve still got a 10% weighting from 202 from the Brexit spike low.
217.50 on a closing basis remains the area I’m eying for a stop for now.
Have a lovely evening, a solid Friday and a rocking weekend.