Pulling Back On Schedule

**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 game is my wife. It demands loyalty and responsibility, and it gives me back fulfillment and peace.”  Michael Jordan

We’re pulling back a bit now right on schedule after a big rally off, what is so far, lows.

We should see some nice buys develop in a couple or few days and all we have to do is wait for it.

SPY October 23, 2014SPY is pulling back nicely so far.

A move back to 192 is about guaranteed and a gap fill to the 190 area is quite likely and a great area to get a trade going as things stand now.

Of course if things worsen and the 190 area can’t hold then we are in for much more downside but I don’t think that scenario will play out, but we must be ready and accept it if it does.

A little more patience and then we can start to reap our rewards.

Warren

 

 

Strong Gap & Go Day For The S&P

**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’ve failed over and over and over again in my life and that is why I succeed.”  Michael Jordan

Another gap open that left me out.

I totally did miss hitting the low but the stars just weren’t aligned.

Sometimes you get them, sometimes you don’t.

We should now see some consolidation and this coming dip should be able to be bought.

SPY October 22, 2014After this huge run we do need some rest.

It’s nice to see the low is now most likely in and now I’m waiting for some good solid setups which could still take a couple weeks.

We’re on track to end the year strongly.

Have a great evening.

Warren

A Case Of The Mondays

**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.**

“Always turn a negative situation into a positive situation.”  Michael Jordan

A very quiet day with low volume.

Not really much to say tonight as we are in sit and wait mode.

They do say the 42nd week of the year tends to be bad and black monday occurred at this time of year.

I’m not calling for a black Monday type of day this week but markets certainly are on shaky ground.

SPY October 21, 2014SPY is moving above the 200 day and the 190 area which is good but it is doing so on very low volume, or with no conviction.

I’m still not convinced a low is in place and I may well be wrong and missing this so far decent trade but the risk reward is just not there for me at the moment.

A case of the Monday’s for the SPY and most stocks today as they looked alright, but underneath, they weren’t.

Keep it real out there, and real safe!

Warren

Weak Markets Give Strong Rallies But They Don’t Last

**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.**

“Confine yourself to the present.”  Marcus Aurelius

A strong Friday to be sure but weak markets do tend to give sharp strong but very short-lived rallies.

I still do not see this as being a low but that can change.

Most stock charts are still a mess so cash remains king.

SPY October 20, 2014SPY had a huge day but did gap higher and I was in no mood to take a trade late Thursday and risk it.

I do take trades at the end of the day once the daily bar is near complete, but only in select situations and I have not seen that situation appear yet.

A move above the 200 day and 190 area with volume and on a closing basis would be good and I may reconsider my stance then but as I said, so many charts are very broken and need time to give us safer entries.

Enjoy your weekend.

Warren

False Bottom Girl

**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.**

“Because a thing seems difficult for you, do not think it impossible for anyone to accomplish.”  Marcus Aurelius

A decent day for markets but I am still skeptical of a low being place.

While many people will call a low after the last two days, it is false from my learnings.

Stocks remain very dangerous but can be good for day-trading.

Small sizes and the ability to be very quick and use tight stops is key, otherwise sitting in cash is the thing to do for the moment.

It is earnings season and we always have to be aware of when a company reports and reduce or exit the position before they report but there is not much need to harp on about that yet since cash is king.

SPY October 17, 2014SPY has a 2 day bottom setup, at least that is what many would have you believe.

The proper reversal has to close on lows the first day and then close on highs the next with the bars being equal.

What we have was two closes in the upper half which tells me it’s a trap.

We may form a large range here before moving lower again from what I see tonight but that can change with tomorrows action.

Be very, VERY careful if you must trade or stay in cash.

I went for a splendid drive today on a low cloud warm fall day with leaves in full colour and then a nice walk along the calm bays of the island and just enjoyed life a bit for a few hours mid-day.

When it’s busy, I’m office locked but when markets are junk I try to get out for some exercise and relaxation.

Of course I’m listening to some business podcasts and keeping an eye on the markets and news with my iPhone all the while but getting out of the office is important when we can.

We are so blessed to live in this day and age with phones and internet capabilities so take advantage of it!

Warren

Bloodiest Of Bloody Days

**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 don’t have time to do it right, when will you have time to do it over?”  John Wooden

A wild open lower like we’ve rarely seen that continued in one of the bloodiest days I can recall.

We did bounce very well into the close and may now have a low in place but the damage is severe at the moment.

I’m not super keen on jumping in right away but perhaps in a day or two once I see how the action plays out.

I did buy a small position in VSR today which is up nicely so far but risk is off on my book for the most part meaning very small positions if any at all but that can change quickly.

SPY October 16, 2014SPY bounced well but damage is severe and until we do form some sort of chart that points to higher and/or we move back above the 200 day average things can remain very ugly.

There are definitely times I will take trades late in the day or once things do begin to turn but for a true turn to come I need to see a follow through the next day and with such blood in the streets I am waiting this time.

I did consider some SPY calls later in the day but with volatility spiking large that made the options too expensive and risky for my taste.

We don’t have to catch every turn, rather the meat of the move although I’ve been known to hit tops and bottoms pretty closely sometimes.

With NFLX off some $120 on earnings tonight it shows just how dangerous this market is.

Be very careful and remember that cash is always a positions and at times like this it is the best position.

Warren

Intra-day Trades Only

**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.**

“Failure is not fatal, but failure to change might be.”  John Wooden

Another weak day for markets and stocks whose charts are showing sever damage now.

That said, we are very oversold and I covered all my shorts near the end of the day today for some solid gains all in all and I almost went long some SPY calls but I did not see the action I wanted in order for me to take that trade.

It may be a do nothing kind of day Wednesday but time will tell, not me.

I am long in very small size a couple smaller stocks that I’ll touch on later for subscribers.

I just want to mention one last time that tonight is the last chance you’ll have to join this 3 month term of my real-time trading.

It’s only $100 a month and it does include this nightly full letter.

Please subscribe here http://wizzentrading.com and see just how quickly you will pay for this service and then much more.

SPY October 15, 2014No real sign of a bounce here but SPY did print a bit of a Doji bar today which often signals a trend reversal after a move, but it wasn’t good enough to get me long the SPY with calls.

I may take a trade tomorrow or I may not.

It is really hard to say much in this type of market since there are no good setups on the long or short-side yet so only real-time members can get my thoughts throughout the day as setups may develop.

Careful out there!

I’m playing in small size only, if at all.

Warren