**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.**
“You miss 100% of the shots you don’t take.” ~ Wayne Gretzky
A solid gap open which was quickly faded before markets moved back higher to close near the highs of the day.
Earnings season is really ramping up this week with IBM and NFLX today and many more as the week progresses.
Banks last week set the tone as bearish for earnings season and stocks nor markets looked great in general but NFLX tonight changes that.
I’m still not really doing much, just playing small if at all but I am short a little AMZN now and long some FRO.
I tried to short a little IQNT today but took a small loss as happens at times.
If NFLX can hold tonights large gap then we should expect the leaders to reemerge as leaders as they report good earnings.
Let’s begin with the index charts and still, caution is imperative in this market so small, selective trades are key using tight stops for now.
I remind you that I am starting another round of real-time trading which sends out email, twitter and text alerts for trades I make getting you in and out of trades at the right time.
All can be done from a smartphone with ease.
I’ll take this round of real-time trading until mid-June in order to take advantage of the usual winter strength.
You can find out more at www.wizzentrading.com
It still looks to want lower but with a big move from NFLX so far tonight on earnings it may move us nicely higher now.
I’d love to see a nice move higher tomorrow and that would be a buy signal instantly, not even waiting the normal half hour of the day before taking a trade.
Let’s see how it plays out but I’d not be surprised to see a few strong days in a row.
Have a nice night.