Great Setups For More 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.**

“Obstacles are those frightful things you see when you take your eyes off your goal.” — Henry Ford

Markets were acting great again today and setting up to continue this bounce higher.

I locked in my AAPL gains today before numbers tonight and that was the right move.

I’ve still got the rest of my trades on but some are reporting earnings soon so am looking to lock in gains and look for shorts since it looks like this correction has not yet run its course.

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SPY January 27, 2016SPY looks ready to go for the next leg of this bounce now above 190 so we have 195 then perhaps the 200 area to look for next where I’ll be looking to reduce or lock in all gains.

I’ve still got 10% into SPY at 185.77 and I’ll move stops up to the 189.30 and 188.80 areas now.

I usually try to use stops on a closing basis or nearer the end of the day unless there area major moves going on since the closing price is the most important of the day.

Enjoy your evening.

Warren

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