Take A Chance, Weak Volume Can Still Work

**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.

SPY September 3, 2014SPY is still building a very nice bull flag and can pop at any time now.

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.

Warren

SPY Thoughts Spetember 2

**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.**

“One characteristic I’ve found among successful traders is that they function effectively when they’re not trading. When markets become very quiet and range bound, they occupy themselves with a variety of activities, from sharing ideas with peers to conducting research. Traders who do not tolerate inactivity well inevitably feel the need to trade, often when there is no objective edge present. For them, losing money is less onerous than experiencing boredom.” – in Trader Feed

A pretty quiet but strong Friday as I hoped for since we are seeing strength early in the week lately, followed by consolidation to end the week.

This is great action with two steps forward and one step back.

We’ve got quite a few charts to get through this long weekend so let’s get right to it.

SPY September 2, 2014SPY is holding well above 200 and building this great looking bull flag which now points to a breakout Tuesday as soon as we begin trading, or perhaps in pre-market action.

Perfect action in this index.

Enjoy your long weekend.

Warren

Two Steps Forward One Step Back

**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.**

“Vision without action is a daydream. Action without vision is a nightmare.” – Japanese proverb

Another very quiet day as we consolidate recent gains.

Just superb action all in all as we near the end of the week.

I am looking for another quiet Friday as we move into the long weekend.

We don’t want to see really strong moves on a daily basis since that tells me we are nearing an end to the strength, rather, a nice two steps forward, one step back move which we are seeing.

SPY August 29, 2014While SPY is breaking its steep uptrend line, we are now seeing it put in a small bull flag that should only last one more day.

199.50 would be ideal to see hold on the lower end Friday.

I know there were many traders who were shaken out earlier today as the SPY moved under 200 but that is what markets do.

Their job is to take along as few people as possible for the ride.

The most important price of the day is the closing price.  Same with the most important price of the week and month.

If you can at all ignore the noise of the day, unless it is largely bearish on heavy volume, and just focus on the closing price it will do you much better.

Have a great evening, Friday and long weekend.

Warren

Markets Resting And Providing Small Dip Buying Opportunities

**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.**

“Build your own dreams, or someone else will hire you to build theirs.” – Farrah Gray

Quite a quiet day which is good after the strong moves we’ve seen recently.

Any dips are being bought so that remains the strategy to use if you missed proper buy points.

All I’m doing these days is sitting on winners and adding to select ones if the opportunity does present itself although I did sell one stock today for a new one, which so far is slightly underwater.

Select stocks are always reserved for subscribers.

SPY August 28, 2014SPY is holding well at the 200 area and still looks good.

A couple or few more days of sideways action with tight ranges would be spectacular.

The past couple of weeks we’ve seen nice strength early in the week and then that peters out a bit.

Who’s to say if that can continue but it is something to be aware of and as long as we don’t begin to see heavy selling with strong volume then letting stocks ride should be fine.

Have a groovy evening.

Warren

Stocks, Market, Still Strong With No Sign Of Topping

**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 goal of a successful trader is to make the best trades. Money is secondary.” – Alexander Elder

Another solid day with markets holding and not showing me any sign of a top yet and leading stocks still doing well.

It really has been an unexpected and great August and we’re taking advantage of it.

I’m very heavy into stocks now with 12 stocks and not much margin left.

I get in, and out of stocks quickly as the action tells me to.

I can’t really buy much more but I have added to a few positions as they told me to with good results so far.

Let’s take a look at the SPY ETF and see this nice uptrend that remains in place.

If you are not a member, you can become one for a very reasonable price and see the stocks I’ve got and get an update on my thoughts of them every evening, or for real-time members, as I make every trade.

SPY August 27, 2014SPY has a great uptrend channel.

All we can do is ride it until it breaks.

No sign of a top to me yet.

Depending on the uptrend angle, you can sometimes judge how long it will last, this one can go for a while yet and even breakout to the upside before we see any meaningful correction.

Enjoy another spectacular summer evening while they last.

Warren

Summer Rally Continues On Lower Volume

**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.**

“Volatility is greatest at turning points, diminishing as a new trend becomes established.” – George Soros

What a great Monday with all our 11 stocks really moving well to start the week off.

Of course, seeing a recent buy back at the 46 area get a buyout offer helped in that regard as ITMN ran up some 35% on the news.

We remain in a strong market that is yet to show me any sign of stopping.

Now that I’ve got a heavy weighting in stocks once again I’ve just got to sit tight until there are signs of a top being in place.

SPY August 26, 2014A great day for the SPY ETF as it moved and held past the 200 level well.

I’d love to see more volume but it is still August so many traders remain on holidays.

The S&P touched 2K but couldn’t hold above it yet but I don’t think it will be long until we have the 2 handle in front of the price on a more permanent basis.

Have a wonderful summer evening.

Warren

Another Slow Day As S&P Sets Up To Bust Above 2K

**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.**

“More men have become great through practice than by nature.”- Democritus

A quieter day once again as we blow of a bit of the recent moves steam.

I’m still not seeing any signs of a top whatsoever, even as the S&P approaches the coveted 2,000 level.

It looks like we will move past 2k early next week to me, but I’ve been wrong before.

There are still a lot of stocks, who area leaders, and have great buy points set up and I’ve covered all of those several times this past week for subscribers.

We’re ready to go as soon as buy points are hit.

SPY August 22, 2014Great stuff from the SPY ETF as it sets up to move past 200 sooner rather than later by the looks of it.

I didn’t expect this type of move in August but I’ll take it any-day.

Have a great evening, Friday and weekend and thank you very much for reading.

Warren