**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 Trade Ideas to see the rest of this letter.**
“You will fall. And when you fall, the winner always gets up, and the loser stays down.” Arnold Schwarzenegger
Some more volatility came into stocks today as summer rolls on.
Miners were strong Wednesday and foretold the gold strength today as often happens and now gold and silver are once again on the verge of a breakout, after being rejected strongly from those levels Monday.
I’m mostly just doing some day trading, and a top pick for that is VRX, since it’s very liquid and moves fast.
I will be establishing a position in VRX once the signal comes, but until then, it’s a fine day-trading vehicle I’ve found.
So, looks like we will see more corrective action which is great, so enjoy the summer!
I’m trying to eek out a couple or few early trades and then take the afternoons off if the weather is sunshiny!
I’d enjoy a move down to the gap area at 238 but who knows in this wild and very strong market overall.
In my view, the bull market still has legs, but needs a rest.
Have a great evening.