**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.**
“Nobody ever wrote down a plan to be broke, fat, lazy, or stupid. Those things are what happen when you don’t have a plan.” – Larry Winget
In the end, we didn’t see much action today and it looks like we need a couple or few more days to build something on the charts that is actionable.
I did see a few rays of positivity before we opened today but they quickly faded to a blah market.
Patience will pay but this market is not good at the moment but it can change quickly if we get the right action.
Earnings season kick off with AA on the 16th so we may well not see much going on until then.
You can make a bundle quickly just by trading a few times a year and sitting the rest of the time but the trick is to be patient and wait for the easy money to find you.
I can help with that in my real-time trading group at http://wizzentrading.com/?page_id=5614
The action isn’t great but we may be able to nab a few profits if we are quick but I have no issue sitting in cash and waiting for much better, clearer setups either if need be.
Enjoy your evening.