SPY ( Standard and Poors 500) is a Weighted Average

I am sure I will get blasted over this piece, but it is always good to take a look at the holdings in an ETF and see what you are actually buying. The top 25 holdings in SPY make up 35% of the total assets. AAPL #1 3.59%, MSFT #2 2.5%. FA(N)G (no Netflix) 6.5%, Banks 6%, Pharma 3.5%, Oil 3% with 1% holdings of Disney, Coca Cola, GE, and Home Depot. The point here is (yes there is a point) a couple of stocks can create a big move in SPY. This morning Goldman put AAPL on their “conviction” list (which frankly has a pretty shitty track record). the stock is up 1.6% in PM. I will be watching Apple at the open to see if it holds or fades. Be aware of what is moving SPY and you gain an edge over those who don’t. Photo this morning is of a Malinois riding a tank in the Middle East. One of his kin, Diesel; a 7-year-old police dog in France, was killed during the Police raid in Saint Denis this morning. Rest in peace Diesel, you died a hero, helping get rid of a band of cowards. Market opens in 25 minutes.