Bouncin’ Round The Room

**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.**

“To be a good trader, you need to trade with your eyes open, recognize real trends and turns, and not waste time or energy on regrets and wishful thinking.” – Alexander Elder

We could use a little bounce or consolidation here anytime now as markets are at an oversold condition.

Stocks who’ve held up well so far should lead us higher and I’m holding some of them.

I don’t usually mention what stocks I’m holding since they are reserved for subscribers but

I’ll mention them here tonight in the free section of this blog since I’m feeling generous tonight.

I’ve got some GPRO, AMGN DATA MBLY UTHR and MACK but that list can change at anytime.

SPY September 24, 2014SPY is rolling over well now but could use a few days of consolidation around 198 before moving lower to the next support area at 194.

We shouldn’t get a major correction and leading stocks should hold up pretty well but we look set to get a major buy after a correction which can last another 3 weeks.

There is some money to be made in this coming bounce so be ready!

Enjoy your evening.

Warren

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