*These are my thoughts on the N:SPY ETF in my Daily Trade Ideas which includes many, many more charts and setups.**
“Life is simple but if you don't put anything into it, you won't get anything out of it.”
-Auliq Ice
My apologies for having no blog or letter Monday evening, sometimes life happens.
Anyhow, all good and I’m back.
So far earnings season is nothing to write home about, with many stocks dropping.
This doesn’t bode well, but it’s still to early to say for sure, but we do have some big boys like O:AAPL, O:AMZN, and O:GOOGL yet to report this week, although O:YHOO, N:CMG, and N:IBM are not doing so great after their earnings.
Time will tell but I’ve still only got one position, O:REGN, that is doing well so far.
I almost added a few stocks today but weakness came in before I did, and I was a bit shy to buy with action not so special so far this week.
SPY is holding, but also struggling with the moving averages here, but a break above the 200 day looks good at 204.30.
Time will tell, but if earnings can’t pick up, we may have trouble moving higher.