Gold May Be Near A Historic Buy Area

**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.**

“Win or lose, everybody gets what they want out of the market. Some people seem to like to lose, so they win by losing money.”  Ed Seykota

A choppy day with some heavy weakness coming into the metals and miners who may be approaching superb buy levels and I’ll talk about gold and silver at the end of this letter as always.

Dips to major support areas should continue to be great buy levels in the metals.

Some of our stocks are ripping, like MOMO, while some are correcting a bit, as in TWLO and ACIA.

A bit of caution looks to be warranted from the action I’ve seen today and I’ll be keeping a very close eye on the action Wednesday, and possibly selling some positions if need be.

I did try a small position in the new, hot IPO NTNX today but I was stopped out for a small loss.

october-5-2016SPY is acting weak and as if it wants to break this rising channel but so far it is holding up.

That said, Nasdaq and the Russel are holding up and looking to want higher so I’ve just got to see what kind of action we get.

Enjoy your evening.

Warren

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