Setting Up Bases

**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 you get by achieving your goals is not as important as what you become by achieving your goals.” — Zig Ziglar

Today was so full of chop and the chop came upon us very quickly making it pretty obvious it’s just the algos and computers ripping markets around and hurting those who are a bit too eager to try to get into this market.

I had a small short position in VRX from Tuesday and then after the close the company announced they had some new board members and this made the stocks move up overnight.

I took about a $2 loss per share early in the day and it would have been worse had I held.

Nothing wrong with trying, but having success remains very tricky in this market so I’m all cash and looking to stay there until better setups complete and they are getting there.

SPY March 10, 2016SPY remains in consolidation mode which is great.

Not much to do these days as I wait for setups to form but I say often in markets like this that it’s key to preserve your mental and real capital and not get chopped up.

Waiting for setups is key, albeit a bit on the boring side, but it’s part of the game.

Have a nice night.

Warren

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