SPY Thoughts August 18

**These are my thoughts on the SPY ETF in my Daily Trade Ideas which includes many, many more charts and setups.  Subscribe to my nightly Daily Trade Ideas on the right to see the rest of this letter.**

“I think to be in the upper echelon of successful traders requires an innate skill, a gift. It`s just like being a great violinist. But to be a competent trader and make money is a skill you can learn”. – Michael Marcus, Trader

Not a bad Friday until we got more news out of the Ukraine but that didn’t last too long.

We booked some nice GOOGL options gains for more than a double and also bought some NFLX calls for a quick double in an hour as well.

A few of the small stock positions moved below my stops level but I let them ride thinking the news effect would not last long and it didn’t.

We are really seeing a change for the good in stock behavior now and dip buys are working, especially on news like we got Friday.

Let’s move right into the charts and see some great moves and soon to be be moves in stocks.

SPY August 18, 2014SPY swooned hard on the Ukraine news but came back very nicely.

The 196.60 area is posing some resistance but we should soon be attacking 198 once again.

Great action now as we are building out the right side of its base.

Leading stocks are doing what they should, lead.

Have a wonderful summer weekend and thank you very much for reading and your support.

Warren

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