On The Verge

**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.**

“Michael Marcus taught me one other thing that is absolutely critical: You have to be willing to make mistakes regularly; there is nothing wrong with it. Michael taught me about making your best judgment, being wrong, making your next best judgment, being wrong, making your third best judgment, and then doubling your money.” – Bruce Kovner, hedge fund manager

It’s not just a Tragically Hip song, markets are on the verge of moving now as well.

A solid day that continues to point to strength.

While we aren’t breaking out higher, we are consolidating very nicely and can’t even get any sort of decent pullback so far.

Instead of the 2 steps forward, one step back moves we see so often, we are seeing 2 steps forward, a nap, and the 2 more steps forward.

SPY September 12, 2014SPY is trying to go here out of this descending channel.

200.40 is a buy point but I am more focused on stocks who move faster so I doubt I’ll take any on the breakout in the SPY ETF.

Enjoy your evening, Friday and the weekend ahead.

Warren

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