Too Much Chop

**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 only way of finding the limits of the possible is by going beyond them into the impossible.”  Arthur C. Clarke

Tons of chop is keeping me in cash and I’m now biased to a move lower so let’s see how this week plays out but I’m not in much of a panic to do any trading unless I see something great pop up.

Keeping your real and mental capital solid and topped up is key in this type of market.

We always get buy or sell points but sometimes we just have to wait a bit for them and that can be the hardest, but most important, skill to master along the path to making money in stocks.

SPY December 21, 2015Support is 200 for SPY, then 197.50 so let’s just see how the week ahead plays out.

Nothing wrong with taking a few days off this time of year and I may just do that.

Enjoy your weekend.

Warren

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