SPY Thoughts May 7

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

“I always arrive late at the office, but I make up for it by leaving early.”  Charles Lamb

A failure all around today as markets showed weakness after trying to move on low volume Monday.

We were stopped out early of half our stocks and the rest later on with only one exception that we still remain long.

We still need a bit of time to complete these bases but they are coming.

Let’s move directly into the charts.

SPY May 7, 2014SPY could go either way here.  A break above $189 remains a buy level while a break below the 21 day average is a short level with an eye on how it acts at the 50 day just below at $186.17.

Patience still is the order of the day while trying a few trades here and there.

We didn’t take much damage at all and locked in some gains and I’m trying to let our one positions, ITMN, run still but I won’t let it get back to cost if we begin to reverse.

There is no need to hope and pray in this market.

A bull market can save you but this market will just chop you up.

Getting out on any sniff of weakness remains key.

You can upgrade your existing membership to include real-time trades as well as the nightly

Daily Trade Ideas at http://wizzentrading.com or shoot me an email at warren@wizzentrading.com

Enjoy your evening and Wednesday and go HABS!!!!

Warren

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