Choppy Session As We Remain Very, Very Overbought

**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.**

“What seems to us as bitter trials are often blessings in disguise.” –Oscar Wilde

One of the choppiest days I can recall in some time as we remain very, very, very overbought, but still moving higher a bit.

We will work off this overbought condition and I will then be looking to load the boat with long positions, but until then, I won’t do much.

SPY March 3, 2016SPY is very near 200 resistance now but the way it’s been going it may move higher still.

We are so overbought it’s not funny and should retrace but as the saying goes, markets can remain irrational much longer than you or I can remain solvent so that’s why I correctly covered my shorts Tuesday.

Lows are in but I can’t yet make my buys but my shopping list is growing.

Have a nice night.

Warren

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