“I can’t change the direction of the wind, but I can adjust my sails to always reach my destination.” – Jimmy Dean

And just like that strength is back.

I’m still cautious and in a high cash position with a trade or two during the day if I spot them.

I’d like to see some longer period of weakness, not just a couple days, but it’s not up to me.

That said, I am not seeing many new setups yet that interest me for a swing trade, or longer, but that may change later this week.

For the moment, I’m still in summer mode and cautious but watching pretty closely.

(Click on image to enlarge)

SPY ripped hard off the 50 -day average and is now back in the channel between 246 and 248.

I can’t really get too excited until we move one way or the other out of this channel.