Superb Action Pointing To Lows Being In

**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.**

“Being ignorant is not so much a shame, as being unwilling to learn.”  Benjamin Franklin

All in all a perfect day.
A low does look to be in for now with markets but another couple to four days of sideways chop is best.
I did do some buying today and added to one stock, MBLY.
There aren’t many setups at the moment but they are developing very nicely.
Having patience before going heavy is key and will be THE difference between winning a bit or losing on balance to making large returns.

SPY October 7, 2014SPY looks great with the spike low we see so often.

A few more days trading between 198 and 196 should see a move back up to highs at 202.

Great action all in all.

Have a wonderful evening.

Warren

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