**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.**
“Bull markets are born on pessimism, grow on skepticism, mature on optimism, and die on euphoria. The time of maximum pessimism is the best time to buy, and the time of maximum optimism is the best time to sell. If you want to have a better performance than the crowd, you must do things differently from the crowd.” – Sir John Templeton
Another slow day for markets as traders trickle back after a long weekend.
September isn’t usually the best month of the year, but neither is August which was fantastic.
Leading stocks remain strong and are building nice continuation patterns, like bull flags, or are continuing to move higher.
We are still seeing relatively low volume in markets but the leading stocks are seeing good volume at key points.
There are a lot of people complaining about the low volume and that is only because they are missing out on this rally.
Not everything is perfect every-time and being able to ride a trend, even while not perfect, is what makes money.
Stops are to keep from being hurt but I’ll try a breakout or chart pattern any day of the week even while not all the factors are there which make it an ideal trade.
Being wrong is part of trading but you can’t win without taking a chance and sometimes you can’t have everything just perfect, or, you can’t always have your cake and eat it too, although it sure is nice when it happens.
Gold and silver remain very weak as I’ve said was the most likely scenario for some time now. They still have more downside ahead.
201 is a buy point but I ma more focused on stocks since they are showing me better action and moving much quicker.
Enjoy your evening.