Markets Crack, But Not Crash

**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.**

“Be miserable. Or motivate yourself. Whatever has to be done, it’s always your choice.” –Wayne Dyer

Weakness kicked off Friday and going to cash looks to have been the most prudent action on my part as we consolidate some.

I’ll be ready to move into longs most likely in the weeks ahead as we hold support levels and setup for a nice move higher to continue the ongoing bull market, however, if we see real weakness, I’ll have no choice but to get short stocks.

SPY May 2, 2016A heavy break on high volume in SPY Friday but so far we’re holding the 205 support level.

If 205 can’t hold then we move below to the 202.50 support level.

Time will tell but I’m trying to treat this as a shallow consolidation until I’m told otherwise.

Enjoy your weekend.

Warren

HUGE Earnings Beat For AMZN

**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.**

“Regardless of what is going on around you, make the best of what is in your power.” – Epictetus

The chop continued with early weakness followed by strength, followed by late weakness.

It’s a tough market for sure with earnings numbers all over the pond but FB is acting nice and now AMZN is up large on a huge earnings beat and trading at the 670 area early tonight.

SPY April 29, 2016SPY is trying to break this small head and shoulders top now but who knows how it will act tomorrow with AMZN acting so strongly.

This market is not one for me so I’m all cash.

Have a wonderful evening.

Warren

Muted Reaction To The Fed News

**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.**

“Wealth is the ability to fully experience life.” – Henry David Thoreau

The Fed did nothing as expected and stocks remained very choppy as a result.

The Nasdaq is acting weak after leading companies within are reporting poor numbers while the S&P and Russel 2000 are showing some strength so mixed action is tough to play, so I’m not.

I remain all cash and cautious since numbers are not so great at all in many leading stocks.

SPY April 28, 2016SPY looks to have a small head and shoulder here with the 207.50 area the short level but it doesn’t target a move much under 205 so we still seem to be in a nice, albeit boring, consolidation phase.

Enjoy your evening and the boring markets we have at the moment.

Warren

Nothing Doing As We Consolidate

**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.**

“You’ve got to get up every morning with determination if you’re going to go to bed with satisfaction.” –George Lorimer

A choppy start on low volume as we kick off the week.

Looks like we’re just consolidating to me but I’m watching very closely in case we do see accelerated selling and I have to get short.

I had to lock in small gains today in SCTY so I’ve just got my ABBV long left.

SPY April 26, 2016Support levels remain 207.50 and 205.

I’m not looking to do much until we get some convincing action either on the upside or downside.

Enjoy your evening.

Warren

Resting

**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.**

“I had a massive ego [at youth]. Massive. But that’s not such a bad thing. Because at least you’re aspiring to be something, you consider yourself great because you want to be great.”  Prince

A quite quiet Friday and that’s great.

Consolidation is best at this high level just below all-time highs so, we wait and see with a long biased view.

SPY April 25, 2016SPY is consolidating well with 207.50 and 205 support levels.

I’m not expecting this to be a deep correction, just a consolidation phase.

I hope you’re enjoying your weekend.

Warren

Doji Did

**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.**

“You must expect great things of yourself before you can do them.” –Michael Jordan

The Doji bar I mentioned in SPY last night is confirmed so we should retrace some now.

Stocks are holding up well so I’m not expecting much of a correction here, rather consolidation as I’ve talked about this week.

A nice base at this high level would set us up perfectly for a sustainable run past all-time highs in the S&P as we continue to roll through this major bull market.

SPY April 22, 2016SPY is rolling over a bit and that is great since a nice consolidation here would be the best thing for the longevity of this market.

207.50 and 205 area the levels I’ll be looking to see a bottom.

Have a great night.

Warren

More Solid Action From Stocks

**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.**

“The best way to get started is to get started. Life rewards action…not reaction. Wait for nothing. Attack life.” – Kekich Credo #81

Another solid day for stocks who should continue to trend higher.

I covered my final short today in TSLA for a little gain and now I am only long of stocks and looking to buy some more, but I’m not at all heavy at the moment.

I think I’ll be a bit light in stocks until we see SPY explode into new all-time highs on heavy volume, or of course, if we turn lower.

I’m just waiting for some special trades to come to me and they don’t look too far away.

SPY April 21, 2016Good stuff from SPY who did print a small Doji bar which may mean a change in direction but we need a lower close tomorrow to confirm that.

If we do move a bit lower I’m not expecting too much retracement, rather consolidation to build the power for a fierce move higher in the weeks ahead.

Have a wonderful evening.

Warren