**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.**
“Tell me and I forget. Teach me and I remember. Involve me and I learn.” – Benjamin Franklin
No summer doldrums as we move well through earnings.
We’re seeing some super, super moves and more look to be ready to go.
I do love to take more time off during summer but that is always dictated by markets and this year is quite busy.
I do a lot of waiting around for trades and when they come I pounce.
The trend remains up and the bull market intact.
SPY is on the move again out of a small 3 day bull flag.
With some major heavy hitters like AAPL AMZN and GOOGL entering the earnings confessional next week we should see strength continue I imagine.
Hopefully we can take a little time off once earnings season begins to slow down but time will tell.
Enjoy the evening.
**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.**
“The bad news is, time flies. The good news is, you’re the pilot.” – Michael Altshuler
A few stocks are acting nice, especially in the mining sector, but for the most part we are rangebound.
I was stopped out my heavy TWLO positions while I was on the road Wednesday but I am holding my miners still, for as long as they continue to move higher.
The presidential debate isn’t really having any effect on stocks and at this rate we may not see much movement until after the election so I’m trading a few with a cautious stance using tight stops.
NFLX continues to act very strongly after earnings so if a few more of the big boys report well we may see everything turn higher as so often happens.
Time will tell.
SPY isn’t doing much here as it trades between the 21 and 100 day moving averages.
Above the 21 day at 214.41 is positive while a move under the 100 day at 213.26 is negative.
The chart is sloppy here with a potential double bottom in place, or you could make the case for a loose bear flag as well.
The most troubling pattern I see in the chart is a large head and shoulders top.
I will trade whatever pattern is confirmed.
Enjoy your evening.
Subscribe to see this full letter.