SPY Thoughts May 6

**These are my thoughts on the SPY ETF in my Daily Trade Ideas which includes many, many more charts and setups**

“At every party, there are two kinds of people-those who want to go home and those who don’t.  The trouble is, they are usually married to each other.”  Ann Landers

A pretty quiet day again but there were a few new buy points that hit and we took them.

Stocks are setting up well and we will see more and more begin to breakout over the next two weeks.

Nice action all in all as we finally begin to move out of our heavy cash position we’ve had mostly for the past 8 weeks.

If you’ve been patiently waiting in cash then it is near time to come out of hiding as more and more buy points are beginning to work again finally.

Let’s check right into the index charts before looking into specific stocks who are moving or soon will.

SPY May 6, 2014SPY is holding well here as stocks setup.

A break of $189 is a buy level for now but I’m more focused on stocks who can move much faster.

Enjoy your evening.

Warren

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