Don't Fall In Love With Stocks

Published 07/18/2016, 02:53 AM
Updated 07/09/2023, 06:31 AM
SPY
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SPDR S&P 500 (NYSE:SPY)

“A pair of powerful spectacles has sometimes sufficed to cure a person in love.” --Friedrich Nietzsche

While stocks are acting great we can’t fall in love with them, and we have to look at their respective charts with objectivity.

We’re moving in to the heart of earnings season now and I usually do not hold stocks over their earnings reports, but the odd time or two I make an exception to that rule, and this may be one of those times.

Stocks have to be acting very strong for me to consider holding over earnings, and right now they are.

SPY ETF Chart

Fine action from SPY as it trends higher with a steep uptrend line.

I’ve got a 10% weighting in SPY from back at 202 and I’m looking at 214.50 and 213.40 for potential stops. What I do depends on the overall action.

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