Sitting On My Hands

**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.**

“Rule #1 of life. Do what makes YOU happy.”   Unknown

We opened with a hefty gap again today and we saw this type of action back in September, and then it passed.

Patience is my motto while we wait for setups, still.

I have no issues sitting in cash as I’ve been for the past few weeks.

That said, we are nearing oversold levels so we may get a swing trade bounce come shortly but I’m not looking to overstay my welcome.

SPY January 7, 2015SPY is holding 197.50 with support below that at 195 and until we move above 200 then it’s hard to say much.

It’s all good though, sometimes it’s best to do nothing.

Enjoy your evening.

Warren

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