Feeble Breakouts, So Far

**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.**

“The number one reason people fail in life is because they listen to their friends, family, and neighbors.” –Napoleon Hill

Another tough day to be short.

I didn’t get the chance to get a blog out last night since, life happens!

We remain seeing some decent action to the upside which did see me have to cover my NFLX short position but I’m holding the rest, for now.

The breakouts we’re seeing are not on special volume so are more prone to fail but another day or two of strength and I’ll have to cover my shorts and look to longs which do seem to be shaping up well now.

Unfortunately, losing trades are part of the game and I may have to book a few shortly.

I generally don’t go as heavy into short positions so I’ve not been much more than half invested in these shorts while I generally go into margin when in long positions.

SPY April 14, 2016SPY is moving higher but not breaking past resistance yet on heavy volume, but if it does, it will be apparent right away on the shorter time-frame 15 minute chart.

Have a nice evening.

Warren

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