Topping Is A Process

**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.**

“Money doesn’t always bring happiness. People with ten million dollars are no happier than people with nine million dollars.” – Hobart Brown

A weak start to the week as the chop continued in most stocks with only select ones holding up or doing well.

I’ve talked a lot lately about the indecision of the markets as they look ready to move up, the down, then up again.

We aren’t getting any traction to the upside and this behaviour is very typical of tops so be aware and ready to lock in gains or keep losses small.

I’m not saying we are going for a major correction but we don’t look ready to really move higher with force yet.

Seeing so many mining stocks today really get hit is a good sign.  Capitulation is starting and we will have a bottom in before we know it.

A few months at least I’d say, but we are seeing investors exit now that they are at a loss and really just giving up.

I love this game and you can really make all the money you want if you learn to play it.

SPY September 23, 2014SPY couldn’t get going and just needs some time to consolidate or correct some more before we can continue this secular bull market.

This is no big deal, it’s just how markets go.

Patience!

Enjoy the last evening of summer!

Warren

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