Bounce Players

**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 too high and risky to the majority generally goes higher and what seems low and cheap generally goes lower.”  William O’Neil

Today was the day we saw early weakness and now we’re working off the oversold reading we saw Wednesday as we move higher.

We’re good now for a 3 to 5 day trade and I’m in pretty heavy at the moment, but only in a few positions, perhaps a few more will come tomorrow.

I’ve got SPY AMZN FB and SRCL positions now but I doubt I will for too long.

SPY June 17, 2016I’m 20% into SPY for a short-term swing trade from 206.15 with my stop area now up at 207 or so.

I should be able to grab a quick 6 points in short order.

Have a great evening.

Warren

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