Fed Flop

**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.**

“A man only learns in two ways, one by reading, and the other by association with smarter people.” – Will Rogers

Not much to say about the Fed minutes, nor the action in stocks today.

A very quiet day with a hint of weakness which did see me reduce more, but also, I bought some GDX as miners were showing a bit of strength, but I stopped out at cost in the last minute of the day as the ETF faded.

Strength returns in November generally so I’m looking to raise more cash and do some waiting, study and chart-work to be ready for the next round of setups who are sure to form.

october-13-2016SPY continues to hold the 100 day moving average but the action right now is telling me we need some time to form new setups.

Enjoy your evening.

Warren

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One thought on “Fed Flop

  1. There’s an old saying “believe half of what you read and nothing of what you hear”. So observation still remains mans greatest learning tool.

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