Gold & Silver At Historic Buy Levels

**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.**

“We’re not going to play a winning hand every day.” John Paulson

We don’t want stocks ripping everyday or that means the end is near.

Stocks continue to base and act fine along with markets who are setting up for a next leg higher.

I remain very heavy into stocks but I’m not seeing too much new that really has my eye.

Gold and silver are testing their 200 day moving averages so now we see if those levels can hold and end up being a buy opportunity.

In long bull markets the 200 day average is rarely hit but usually provides amazing entry points as the bull market rambles on so let’s see how Friday plays out.

It may well be our first, best, dip buy chance in the metals and miners.

october-7-2016SPY has turned into a nice triangle which should resolve with a move to the upside with the 217 area the breakout level.

Have a great evening.

Warren

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