Stocks Remain Strong

**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.**

“Necessity is the mother of taking chances.”  Mark Twain

Quite a quiet Friday with select stocks rocking including SHAK that we bought not long ago down at $50 and it is one of our largest winners lately.

Markets still look great and stocks are also set for more upside and it doesn’t hurt to see AMZN and GOOGL ripping on earnings and taking the Nasdaq well higher into new high ground.

SPY April 27, 2015SPY is holding above the breakout level so far but it isn’t moving and certainly not on heavy volume.

The type of volume we saw Friday is akin to Christmas or other major holidays and I don’t know why that is but we need to see large volume here for this breakout to really get going.

I hope you’re enjoying your weekend.

Warren

Strong Market 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.**

“It was a high counsel that I once heard given to a young person, ‘Always do what you are afraid to do.’”  Ralph Waldo Emerson

A solid day for markets as they are teetering at all-time highs.

It’s great when the Nasdaq leads as it is now.

All our stocks are performing very well and a few who were in great bases are now breaking higher.

We should be in for another 5 weeks or so of strong action if we can really breakout now.

SPY April 24, 2015Good stuff from SPY with higher volume and we’re right on the cusp of breaking out now and I’d really love to see an explosion in volume on the breakout.

Have a great night.

Warren

Markets Are Acting Great & Like They Want Higher

**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.**

“Don’t be afraid to take a big step if one is indicated; you can’t cross a chasm in two small jumps.”  David Lloyd George

Markets are acting great but still in their large ranges but this action is telling me more and more that we could be near a breakout higher, finally.

Time will tell but things still look good and I remain quite heavy into stocks and the ones we are holding are doing well or holding up and set to breakout higher anytime, if all goes well.

SPY April 23, 2015SPY is again near the upper level of this range so let’s see if we can break higher or if we will see another Friday swoon.

Have a wonderful night.

Warren

A Quiet Day In The Neighborhood

**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 haven’t failed until you quit trying.”  Anonymous

Kind of a quiet day and that’s fine.

Markets remain range-bound and will until they don’t.

Genius observation I know but that’s the way it is.

My stocks are holding up and doing well but overall not much is moving too far but we do have some major earnings coming up over the next few days so that may spark a good move.

SPY April 22, 2015SPY remains in this large triangle but above the 21 and 50 day averages which is positive.

Let’s see if we can get a breakout soon.

Have a great evening.

Warren

Indexes Bounce Large Of Major Support

**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.**

“No matter what happens, it is within my power to turn it to my advantage.”  Epictetus

A few harsh moves lower today including one with AMPE which I was holding but luckily it wasn’t a large position.

The biotech stocks can certainly make you a hero but on bad news they can really sting as well so I try to take smaller sizes in the more speculative ones which is a bit painful since I have to hold a larger number or stocks and it is more difficult to really watch closely.

Anyhow, markets bounced off major support levels very well and remain in their large triangle patterns.

Today’s bounce was on moderate volume while Friday’s move lower was on heavy volume.

That doesn’t really tell me much since we remain in the triangle pattern.

A breakout of this pattern needs to see large volume increases and follow-through to really get me excited.

April 21, 2015SPY didn’t get to the low end of this triangle as IWM and QQQ did with theirs but a bounce was seen in all three markets today and that’s great news.

I didn’t sell any stocks Friday since mine held up well and markets remained within their larger patterns but I did have to take a couple losses today as a couple companies reported bad news.

We still remain setup for a break higher and so far, Friday was just to confuse and shakeout traders who do not see this larger pattern or understand the strength this time of year can provide.

Enjoy your evening and some playoff hockey.

Warren

No Fun-Day Friday

**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.**

“Most great people have attained their greatest success just one step beyond their greatest failure.”  Napolean Hill

Friday was pretty tough to sit through unless you’re in the best stocks who hold up well in the face of weakness as we are.

We’re sitting on a few small losses for now but we’ve booked some nice gains this week and most of our stocks are still well above the buy areas so I’m trying to let them work a bit.

We’ve got a solid list of leading heavyweight stocks set to report in the week ahead and that can snap markets back in a jiffy!

SPY April 20, 2015SPY gaped lower hard on the open and just never got any traction all day and did so on heavy volume which is not good at all.

According to this chart, it looks like I’ll be reducing and selling a lot of stocks very soon, but then I look at my stocks and they’re holding very well so far, but that can change.

On a positive note, SPY closed right at 208 at the 50 day average and on heavy volume pushing it up to that level for the close.

Let’s see what Monday brings.

Enjoy your weekend.

Warren

Markets Resting But Ready For Blastoff

**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.**

“Make failure your teacher, not your undertaker.” Zig Ziglar

A little bit of a choppy day or rest day which is great.

Some of our stocks still did well while some took the day off and markets are still just setting up for a perfect breakout.

Leading stocks are leading and I’m already very heavy as most swing traders should be.

We didn’t get a massive day from the heavyweight stocks today on the NFLX earnings unfortunately but it may come yet.

SPY April 17, 2015SPY remains resting perfectly near highs and can breakout anytime now.

All is well and I’m very heavy into stocks and they are working very well and leading the markets who should soon catch up a bit.

Enjoy the rest of your evening.

Warren