A Case Of The Mondays

**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.**

“Always turn a negative situation into a positive situation.”  Michael Jordan

A very quiet day with low volume.

Not really much to say tonight as we are in sit and wait mode.

They do say the 42nd week of the year tends to be bad and black monday occurred at this time of year.

I’m not calling for a black Monday type of day this week but markets certainly are on shaky ground.

SPY October 21, 2014SPY is moving above the 200 day and the 190 area which is good but it is doing so on very low volume, or with no conviction.

I’m still not convinced a low is in place and I may well be wrong and missing this so far decent trade but the risk reward is just not there for me at the moment.

A case of the Monday’s for the SPY and most stocks today as they looked alright, but underneath, they weren’t.

Keep it real out there, and real safe!

Warren

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