Finding A Range

**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.**

“Man cannot discover new oceans unless he has the courage to lose sight of the shore.”  Andre Gide

More weakness showed up today after we spotted the signs of it coming the past couple of days.

Really, the action is perfect.

I’m taking a week off starting tomorrow so I won’t have any updates but we should see some buys emerge once I return and this small correction runs its course.

As I’ve talked about, the ideal situation would be lots of base building for the next few months into the seasonally strong fall period and so far, so good.

SPY June 26, 2015SPY rolled over at resistance and is now finding support at the 21 and 50 day averages.

If this area can’t hold then the 209 level and 100 day average will be the next support level.

Basically the question now is, will we chop between here at 210 and the 212 area or will the range be wider from 212 to 209 or so.

Either way, you can play the range but I am out of here for a week.

Enjoy the time away from me and the quiet markets.

Warren

Rolling Over

**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.**

“Life is full of obstacle illusions.”  Grant Frazier

Markets are showing some weakness and leading stocks are as well so I locked in quite a few of my recent gains today, and just in time.

The summer slows are here and I’ll be away this weekend and next week and I’ll probably be all cash before I leave Friday but I can always trade from the phone and set alerts if need be but it does look like we are set to rest.

We never got any major volume on the breakouts as I’ve been saying and that means they won’t last too long almost every single time.

SPY June 25, 2015SPY is falling on a little uptick in volume and this is very summer-like already in terms of low volume trading.

The best case scenario would be chop for the summer and then breakout of a massive base in the fall and if we see that, I’ll be trying to stay out of the office as much as possible.

So far, that scenario is playing out.

Have a wonderful evening.

Warren

Leaders & Financials Are Moving Well

**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.**

“It’s not what you’ve got, it’s what you use that makes a difference.”  Zig Ziglar

A decent day for markets and some leading stocks like NFLX AMZN TSLA and FB who are moving quite well, along with GS.

The moves are good enough but I’m still not going heavy although I am in some stocks for sure more and more now.

Gold and silver are breaking lower right on schedule as well.

SPY June 24, 2015SPY still can’t break into new highs but leading stocks are moving well here so it may well go.

That said, if we don’t see a large increase in volume on the breakout then I’d be ready to lock in gains since the breakout will most likely not last too long.

Have a wonderful evening.

Warren

Gap & Slack

**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.**

“If you cannot do great things, do small things in a great way.”  Napoleon Hill

I awoke to a good gap up in the SPY while gold was gapping lower as was expected.

Gold just can’t get any traction to the upside no matter what they tell you and US markets are looking good but it is a slower time of year now and the total lack of volume today says this is not the breakaway move higher.

SPY June 23, 2014SPY is halted at the resistance level and should roll lower.

SPY gapped up strongly today and then stalled and saw no volume at all.

Sure, we could breakout higher on massive volume, but it just isn’t that time of year nor are many leading stocks setup to move, so we wait and will likely be waiting until the fall with little blasts here and there.

Have a nice night.

Warren

Backing Off Highs

**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 want to be all used up when I die.”  George Bernard Shaw

A bit of a quiet Friday as we are near new highs.

I really am not expecting a super breakout on massive volume with summer now upon us but I’ve been wrong before.

SPY June 22, 2015SPY is backing away from highs and is likely to chop around for a couple weeks between the 212 and 208 or so areas.

It’s summer so enjoy some nice days away from stocks while they setup for a great move most likely starting in the fall.

Have a great end to the weekend.

Warren

Much Better Action

**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.**

“Do not follow where the path may lead. Go, instead, where there is no path and leave a trail.”  Ralph Waldo Emerson

A much better day than we’ve seen in weeks but still, many stocks are not really setup to move, that said, I did do some buying today.

I will not be giving stocks much room to work unless markets continue to move higher well so tight stops are key.

SPY June 19, 2015A good breakout for SPY for sure and on decent volume.

We’ve seen these moves tend to not last long and with summer here I have to expect the same so stops are tight and I’m not at all heavy into stocks just yet.

Enjoy your Friday and weekend.

Warren

Still Just Chop

**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.**

“When we recall the past, we usually find that it is the simplest things – not the great occasions – that in retrospect give off the greatest glow of happiness.”  Bob Hope

There really hasn’t been much to say this week so I’ve taken a couple evenings away from homework.

I was just watching mostly choppy action and expected it until the Fed speak this afternoon which saw no news in the release and markets liked it thus far.

There still aren’t many great setups out there but my one position, DATA, continues to hold well enough.

I have no issue sitting and waiting for the right setups to come, especially if the weather is nice.

SPY June 18. 2015SPY moved higher on the no news event from the Fed but is still stuck so I wait.

Until I see a move above 212 or below 209 then it’s best to do nothing, or some small day-trading if you can.

Enjoy the nice weather while it’s here while markets remain quiet.

Have a nice night.

Warren