Ready For A Bounce?

**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.**

“Challenges are what make life interesting and overcoming them is what makes life meaningful.”   Joshua J. Marine

A wild day with a huge gap lower due to China seeing an immediate crash of 7% in their markets and then the market was halted for the day.

Markets everywhere were hit hard as a result.

We’re now oversold and ready for a nice bounce so I did buy into the usual suspects/leading stocks late in the day and I’m looking for a bounce.

I should know early in the day if these trades are going to work or not and I’ll either be out, or hold them as long as I can for a swing trade, likely 3 to 5 days considering the market we’ve had recently.

SPY January 8, 2016Not great action at all but considering we’re oversold and due for at least a bounce I took a 10% weighting at 194.60 today and I’ll see how it goes.

I’m looking for a special sign that I talk about to subscribers when I see it and tomorrow will tell that tale for sure but things are looking good so far tonight.

I’ve been patient and waiting for a buy signal and I saw that come today.

We don’t have to trade everyday, it’s much better to wait for the right times and then take a trade.

Have a great night and Friday.

Warren

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