Spooktacular Market

**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.**

“Markets can remain irrational longer than you can remain solvent”   John Maynard Keynes.

A solid day for markets and many stocks again.

We remain very strong at the moment and I’m quite heavy into stocks right now.

SPY October 31, 2014SPY is now at resistance at this 200 area.

A few days of rest would be fine and give some stocks who’ve moved fast lately a bit of rest as well but I don’t see any reason we don’t move back into all-time highs again next week or perhaps early the week after.

Enjoy the market strength and Happy Halloween!!

Warren

The End Of QE As We Know It

**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 investor’s chief problem-and even his worst enemy is likely to be himself.” -Peter Lynch.

A bit of a rest day after Tuesday’s nice breakout.

We are still in great shape and dips should be bought as long as SPY remains above the 50 day moving average at 196.44.

Many stocks also took a rest and several biotech and healthcare stocks who’ve been on fire lately are finally resting and will give us new buys points within a week or two.

QE is now done as we know it and markets seem to be fine with that since it was no real surprise.

SPY October 30, 2014SPY is fine here but I am focused on leading stocks, not trading the indexes.

Even with the Fed news today, action was pretty subdued which is rare.

Usually we see large swing up and down before a direction is determined.

I’m not sure what, if anything, to make of it.

Have a wonderful evening.

Warren

Here We Go!

**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 know from experience that nobody can give me a tip or a series of tips that will make more money for me than my own judgment.” -Jesse Livermore

A solid day as many stocks are now on the move.

I have a feeling I’ll be starting many of my nightly letters with those same words over the next couple of months

I reopened up my real-time service for a few days since demand has been quite high lately as markets and stocks are set to make us our money for the year over the next couple of months.

You can get your membership at http://wizzentrading.com and if you are already a member to this nightly Daily Trade Ideas letter you can up your subscription by email me at warren@wizzentrading.com

Stocks are really moving nicely now and markets are as well.

I’d have preferred to see a few more rest days but that is not up to me.

Breaking out even while quite overbought shows the strength of the market we have right now.

Of course, I could be wrong but that is why we have stops but the market is never wrong and it is telling me we are going higher now.

If the market changes its mind, I will as well.

I am a follower of markets and stocks, not a leader.

SPY October 29, 2014A solid move from SPY although on lower volume.

Next resistance is the 200 area but this should be the break that take us nicely higher into the end of the year.

Not straight up, but dips should be able to be bought.

Here we go!

Enjoy the baseball game tonight!

Warren

Build Your Shopping List

**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.**

“Money can’t buy you happiness but it does bring you a more pleasant form of misery.”  Spike Milligan

A nice rest day for markets and many stocks who are overbought after a quick and hard run.
I am moving into select stocks in small to medium size now and there are a few who are soon to report earnings and may be a buy directly afterwards.
Everything looks really great and I expect a superb run into the end of the year which will keep us very busy and focused on stocks.

SPY October 28, 2014A nice day for the SPY ETF and now it should range between the 196 area and 194 for perhaps this whole week.

A break above this 196 area is a buy and an all clear signal for stocks who have proper setups while a break on a daily closing basis under 194 would be a signal to reduce or get out of positions.

Have a nice evening

Warren

Setting Up 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.**

“If you have trouble imagining a 20% loss in the stock market, you shouldn’t be in stocks.” John (Jack) Bogle

A solid end to the week after a strong week.

We really do need to rest now though.

We are very overbought at the moment and while the trend is now definitely up, we do need to bring this overbought reading back to normal before I can really jump into many stocks.

SPY October 27, 2014SPY had a massive week and now has competed the V bottom pattern.

We remain very overbought and do need to rest here at the 50 day average before we make the break higher that should take us into the end of the year.

As I’ve been talking about, half the battle is waiting for the right setups.

We can make a lot of money very quickly at the right time and the rest of the time must be spent on restraint, keeping your powder ready and dry for the right setups that always come.

It is a shame that I missed the low but it happens and I’m ready and focused now with a nice list of buys that should be coming any day now or perhaps in a week.

Regardless, we are very close now.

Enjoy the rest of your weekend.

Warren

Working Off The Overbought Condition

**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 whether you’re right or wrong that’s important, but how much money you make when you’re right and how much you lose when you’re wrong.”  George Soros

A strong day that started with a gap open but markets faded in the end.

We still need some rest after the large run that has taken us into overbought territory now.

I’m seeing some leading stocks start to move now and it is perfect since leaders are meant to lead.

We’re looking great for a nice run into the end of the year.

We can make our dough for the year quickly if all goes well.
It has been a tough year to be sure but staying with a high cash position and not getting chopped up has us ready to pounce as soon as we get the all clear signal which looks to be close.

It really is extraordinary how much money you can make in a short amount of time in the right market if you have the patience to wait for it.

SPY October 24, 2014I’d love to see SPY come back to test 192 to 190.

We are looking great, I’ve just got to wait for this overbought condition to work off and for a new pattern to complete before going heavy but it’s closer everyday!

Have a great evening.

Warren

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