**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.**
“Sometimes adversity is what you need to face in order to become successful.” — Zig Ziglar
A day with leading stocks acting well and markets as well, although on a bit lighter volume than I’d prefer.
It looks like the head and shoulders pattern in the SPY ETF is now cancelled out.
I thought it was cancelled a few weeks back, then it looked to be in place once again but now it looks like it is null and void.
Trading is all about being adaptable and viewing things for how they are, not how you want them to be.
I’ll be buying more and more stocks now as we move forward and in larger position sizes.
It’s a great time to join in with my real-time membership which does include this lengthy nightly full letter and you can find out more at www.wizzentrading.com
Markets are closed Monday and I’m taking off to do a little skiing but I should have my reports out Saturday most likely but perhaps not until Monday evening.
Most of the setups in stocks I’m seeing are from good earnings gaps higher and now they have consolidated and are ready to breakout higher.
Breakaway gaps are very powerful.
Have an awesome long weekend and maybe I’ll run into you somewhere on the slopes, not literally!