S&P Near Record Highs But Could Use A Few Days Rest

**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.**

“The policy of being too cautious is the greatest risk of all.”- J. Nehru

A quieter Wednesday as stocks took a bit of a rest after a strong push.

Dips are to be bought since it’s working for now, as we saw when the Fed minutes were released today.

A quick dip was seen as the initial release came, but there was nothing unexpected or new and markets and stocks snapped back very quickly.

Almost all my recent buy points are still valid and should trigger within a few days after a little rest here as we blow off some of the overbought reading we are seeing.

All in all, markets and stocks are acting great!

SPY August 21, 2014SPY is at highs now and could use a little rest but that doesn’t mean it will come for sure.

Nasdaq is still leading and not showing any sign s of a top so all systems remain a go.

Have a great summer evening and enjoy this August strength.
Warren

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