Bottoms In For Continued 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.**

“Seize the day, and put the least possible trust in tomorrow.” – Horace

Markets bounced today and ran into resistance.

Great action but I’ll give things a bit before I buy into the indexes.

I just need a little more proof, like heavier volume, for me to buy this bounce but as I’ve talked about a lot this summer, I really expect chop until the fall which means trades of a week or so in most cases.

I did buy some AMGN today but that’s all I’m holding for now.
TWTR reported tonight and was up large, but then it fell and is now off some 7%.  Let’s see how the overnight goes but earnings moves remain very volatile and roller-coaster I’m not riding.

SPY July 29, 2015The Doji bar yesterday was confirmed today so we should have a low in here but we may only move back up to test 213 as the summer rolls on.

We may need a couple more days below 210 to push past that level.

Have a nice evening.

Warren

Time To Take a Few Days Off

**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 hundred percent of the shots you don’t take don’t go in.”  Wayne Gretzky

We’re correcting and there isn’t much to really talk about as a result while we probe for lows.

There aren’t too many stocks holding well but a few are so it may be a quiet week while we setup once again.

I locked in all my gains Friday and sold one at cost so it was a nice week.

SPY July 27, 2015SPY continues to correct well and if 208 can’t hold then we look to 207 and then 205 to test the 200 day average again.

I think it will be a quiet week ahead.

I hope you enjoyed your weekend.

Warren

AMZN WOW!!

**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.**

“For of all sad words of tongue or pen, The saddest are these ‘It might have been’” — John Greenleaf Whittie

Markets continue to correct a bit off resistance and that is great news.

Select stocks continue to hold up very well and setup for higher prices if markets can hold.

We’ve seen a few like AAPL and IBM weigh heavily on the indexes but as long as they don’t go lower, we should be fine.

This is still summertime so I’m not expecting a major breakout but we will get spurts of buys and then lock in those gains and take a couple weeks off and come back and do it all over again.

This type of action should continue until the fall.

SPY July 24, 2015SPY closed the day above the 210 support level which is quite positive.

So now we see if we can build a breakout pattern between 210 and 213, or if we break under 210 and move lower.

With the huge AMZN move tonight up to $573, tomorrow looks like it will be higher so 210 will hold well.

I’m in a few stocks but not heavy by any means but there are some great setups out there ready to go.

Swing trading for the summer looks to be on tap and that’s great.

Have a great evening, Friday and weekend.

Warren

Gap Filling

**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.**

“Expect the best. Prepare for the worst. Capitalize on what comes.”  Zig Ziglar

Markets continue to rest off high levels and that is great.

Now the question is do they just back and fill in a constructive manner or do they look for a deeper correction.

We should get this answer by the end of the week.

As always, during earnings season, things can change on good numbers from a heavily weighted stock within the indexes.

SPY July 23, 2015SPY filled the 211 gap well and is holding for now.

Let’s just see if 211 can hold or if we fall further.

I’d love to see some trading between 211 and 213 but if we hold under 211 on a closing basis then we look to 210 then 209 for the next support levels.

I hope the sun is shinning tonight where you are, it ain’t here.

On the good side, it give me lots of time to sit in the garage and crack in my broken motorcycle engine, and a beer or two!

Have a great night.

Warren

Markets Set To Rest

**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.**

“Every time you are tempted to react in the same old way, ask if you want to be a prisoner of the past or a pioneer of the future.”  Deepak Chopra

Markets are consolidating well now where they should and that is great.

That said, with GPRO AAPL MSFT CMG and others reporting tonight markets may well rip higher with a gap open tomorrow if numbers are good, but that is a coin toss.

SPY July 22, 2015SPY is backing away from resistance at the 212 to 213 area well.

Let’s see if we just fill the gap back to 211 or fall further.

With AAPL and MSFT off on earnings so far and CMG off hard but now back up to par your guess is as good as mine as to how we open tomorrow.

I rarely trade earnings and sometimes I feel left out, like last week, and other times I’m happy to follow my rules like this week is so far playing out.

Have a wonderful night.

Warren

SHAK News After The Close Is Cheating

**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 wait. The time will never be just right.”  Napoleon Hill

Some stocks did well today while others are resting now after a strong move recently and that is normal.

There are some other clues telling me that we need to consolidate or perhaps correct some as well but there are more and more stocks who are starting to come around and look better now.

I did do a little buying today but also was stopped out of VRX and will be selling SHAK now after a share offering set of news given to us after the close.

It really bothers me to see news like this after the close since it is basically robbing me and is cheating in my books.

Anyhow, the game goes on.

SPY July 21, 2015SPY printed a small Doji bar which means indecision and is often seen near tops or turning points.

That said, we need a lower close tomorrow to confirm this.

Let’s just see if we consolidate or are needing a correction but we should know Tuesday.

There are some heavyweights reporting like AAPL tomorrow and the rest of the week so those numbers could really change the action.

All in all, I’m going about medium size in select stocks and just seeing how things go for now.

Enjoy your evening.

Warren

Earnings Season Is Roaring

**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.**

“Chance favors the prepared mind.”  Louis Pasteur

Friday was a large day for the Nasdaq with GOOGL and NFLX soaring on earnings.

We’ve got some more heavyweights reporting in the week ahead as well so the Nasdaq may continue to outperform and that is always a great sign, we just have’t seen it in a while.

There are some solid buys later in this letter that should hit anytime now and things are now looking to get busy this summer, for now at least.

July 20, 2015SPY is at resistance and I’m not sure if the Nasdaq’s strong move can pull it along with it or not.

If we consolidate near 212 for a few days then we may well break higher but I’m not sure about that yet.

So far the earnings season is very strong, even during the summer, and I’ve missed it but I may be able to salvage some nice gains shortly.

Have a great day.

Warren