Things Changed Dramatically In Only One Day

**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.**

“Fighting for peace is like screwing for virginity.”  George Carlin

Oh how a day can change things so dramatically.

The bounce and subsequent sideways action that could have led to a nice move higher broke today and that means I went back to an almost all cash position.

I’m still not so sure we are in for a major correction but the action definitely weakened today and looks ripe for some more downside.

SPY October 8, 2014SPY is breaking once again after failing to hold the 196 area.

192 should be next and support under that is 190.

I’m not sure if I’ll try to trade this on the downside or not yet.

Careful here.

Warren

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