Markets Are Heading Back To Highs

**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.**

“The golden opportunity you are seeking is in yourself. It is not in your environment; it is not in luck or chance, or the help of others; it is in yourself alone.”  Orison Sweet Marden

We’ve got our annual family golf tournament tomorrow so I won’t be in the office all day so there will not be a report tomorrow evening.

The Fed left rates alone as expected in today’s announcement and didn’t give any hints of a possible rate hike to come in September.

Markets took off, then dropped, then moved back up to close the day well as we continue to chop around for the summer.

There are some nice setups around now and some great earnings moves which will need a few days to digest before I participate, in case they reverse as we’ve seen in many such as GOOGL, but it may be turning around.

Waiting for a setup after a large earnings gap is key and will keep us in the trade instead of shaking us out.

SPY July 30, 2015SPY is on its way back to 213 but 211 is also a bit of resistance so it may not be right away.

The Fed news was muted today and the reaction was weak as the summer slows continue.

Find a few trades here and there but don’t be too committed as markets continue to chop around for now.

That said, we may setup at 213 for a breakout but chances are it won’t be until the fall.

Have a great night.

Warren

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