Nice Gap But The Go Was A No Show

**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.**

“When I let go of what I am, I become what I might be.” – Lao Tzu

We saw a nice gap up to begin the day, as I mentioned I was looking for, but we never got the go part.

Most stocks and markets stalled after the nice gap open ahead of the Fed meeting Wednesday.

I tried a couple longs in GOOGL and BIDU early in the day and ended up selling out of both quickly, one for a small gain, one for a small loss, once stocks were showing me the go part of the gap and go was a no show.

It was worth a small try today but there was no point in sticking things out in the chop.

Tomorrow is the big day though and we should get some direction by the end of the day or Thursday.

SPY December 16, 2015SPY is still below the 21 and 50 day averages and in the end didn’t do much after the opening print today.

So, there isn’t much to say until tomorrow so enjoy a quiet evening!

Have a nice quiet night without much homework to do.

Warren

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