SPY Thoughts May 1

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Not too much going on today even after the Fed said they’d reduce bond buying by another $10 billion, now down to $45 billion.

It won’t take long at this rate to be back to zero.

Markets are trying to breakout but so many stocks just aren’t ready so be very weary of failed breakouts.

We booked some decent gains today and a few small losses.

It remains a very dangerous market and I was not willing to risk giving any back.

Tonight is the last night for the free letters and real-time trades but you can find out how to continue getting them at http://wizzentrading.com

Let’s check the charts.

SPY May 1, 2014SPY is trying to breakout here and has decent volume but again, I can’t see how it can really move with stocks lagging so badly but I’ve been wrong many times before.

New closing highs above the $189 level may change that opinion and if strong volume is coming in I’ll be looking for the best stocks I can find who are oversold.

I hope you’ve enjoyed this free trial even though we really didn’t have that much to do or talk about.

Enjoy your evening.

Warren

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