Muted Reaction To The Fed News

**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.**

“Wealth is the ability to fully experience life.” – Henry David Thoreau

The Fed did nothing as expected and stocks remained very choppy as a result.

The Nasdaq is acting weak after leading companies within are reporting poor numbers while the S&P and Russel 2000 are showing some strength so mixed action is tough to play, so I’m not.

I remain all cash and cautious since numbers are not so great at all in many leading stocks.

SPY April 28, 2016SPY looks to have a small head and shoulder here with the 207.50 area the short level but it doesn’t target a move much under 205 so we still seem to be in a nice, albeit boring, consolidation phase.

Enjoy your evening and the boring markets we have at the moment.

Warren

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