Overnight Gold Gaps

**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.**

“Failure is the condiment that gives success its flavor.” –Truman Capote

A choppy day once again as we wait for the next direction.

Gold however, traded down-sharply in overseas trading while I was in a deep sleep.

I’m not seeing anything that tells me go to long or short yet but it’s looking more like the next trade will be on the short side.

Until I see some more setups I won’t write much or do too much work in the evenings.

SPY May 10, 2016SPY remains trapped between the 21 day and 50 day averages and there isn’t much more to say.

A close under the 205 area would point to a move lower while a close above 207.50 points to a move higher.

Enjoy your evening.

Warren

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