Rocking Into Resistance & A Long Weekend

**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.**

“A person who never made a mistake never tried anything new.”  Albert Einstein

Another strong day as we move into the end of the week and a long weekend.

US markets are closed Monday so holding over the long weekend seems a little on the risky side but that will depend on the action tomorrow.

I still have my full 10% weightings each in SPY AMZN ACIA TSLA GOOGL FB GILD and NFLX but I imagine I’ll be reducing to 5% weightings at some point Friday and perhaps locking in all gains.

Time will tell but the action on this bounce has been great so far.

I also bought a little 5% weighting in AG later in the day today.

SPY July 1, 2016Great stuff from SPY as it approaches the 210 resistance area.

I’d love to hold longer but this is just a swing trade unless we blast above 210 on heavy volume.

I’ve got 10% into SPY at 202 and I’m looking at 208.60 or so for stops now.

Enjoy this beautiful summer evening and long weekend wherever you are.

Life really is great.

Warren

V Bounces Working 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.**

“A man should look for what is, and not for what he thinks should be.”  Albert Einstein

Tonights letter is a bit early with a family lobster cookout this evening.
Summer is so much crammed into such a small space in these parts but I love it!
Stocks continue to bounce as they should and our swing trades are working out well so far.
I may be looking to book profits Friday but hopefully we can wait until after the holiday next Monday to lock in these short term gains.

SPY June 30, 2016Good action from SPY who is stalling a bit at the moving averages but should continue past them after such a violent move lower.
I’ve got 10% into SPY at 202 and stops are now the 205.50 area.

Enjoy your evening.

Warren

FANG Stocks Are Bouncing

**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 never hesitate to tell a man that I am bullish or bearish. But I do not tell people to buy or sell any particular stock. In a bear market all stocks go down and in a bull market they go up.”  Jesse Livermore

Ah, I love summer with music festivals and lazy hazy days with some trading smattered into the mix.

We’re set to bounce now from what I see and I’m into quite a few stocks now with 10% weighting into each of the following SPY GILD FB AMZN GOOGL TSLA NFLX and ACIA.

I held overnight and am looking for some strong bounces into the end of the week.

I’m still looking at these trades as being swing trades and I am not giving them much room for stops.

SPY June 29, 2016A nice move off the 200 level and 200 day average area made me buy a 10% weighting at 202 late today.

Stops are right around cost and I’d like to lock in gains at 207 or higher if the trade let’s me.

Enjoy this summer evening.

Warren

The Choppy Waiting Game

**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.**

“What seems too high and risky to the majority generally goes higher and what seems low and cheap generally goes lower.”  William O’Neil

We continue to be plagued with poor action lacking any trend at all but Thursday is finally the long awaited Brexit vote so we should begin to see some action one way or another, but only time will tell if that action develops into something I can take advantage of.

I don’t mind not doing much in the summer since our summer is such a short window, usually just 6 to 8 weeks.

It’s nice to slow down while the sun shines.

I don’t see any really fundamental reason why markets will move higher here in terms of earnings but the SPY chart does imply higher.

SPY June 23, 2016SPY remains stuck and not moving much but we should get some moves very soon.

The chart looks great and ready for higher with 210 the buy area, so unless told otherwise, I’m looking to get long of stocks, not short.

Enjoy your evening and the quiet markets that keep me in cash.

Warren

Bounce Players

**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.**

“What seems too high and risky to the majority generally goes higher and what seems low and cheap generally goes lower.”  William O’Neil

Today was the day we saw early weakness and now we’re working off the oversold reading we saw Wednesday as we move higher.

We’re good now for a 3 to 5 day trade and I’m in pretty heavy at the moment, but only in a few positions, perhaps a few more will come tomorrow.

I’ve got SPY AMZN FB and SRCL positions now but I doubt I will for too long.

SPY June 17, 2016I’m 20% into SPY for a short-term swing trade from 206.15 with my stop area now up at 207 or so.

I should be able to grab a quick 6 points in short order.

Have a great evening.

Warren

Oversold But Acting Very Weak

**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 can never get momentum if you never get moving. If anything is going to stop you, don’t let it be the start.” – Martin Rooney

So the Fed didn’t change rates, with a unanimous vote, and that was to be expected with a Brexit seemingly more and more imminent.

All the talk and rhetoric was for naught in the end and markets remain choppy.

We’re very oversold right here so I am cautious taking any positions home overnight.

I’ve not done much this week other than a few day-trades for a some small gains and a few out at cost but nothing to write home about, just something to do these cloudy rainy gloomy days as stocks continue to chop around.

SPY June 16, 2016SPY looked like it may have a little low we could swing trade off of as it held the 50 day but the weakness into the close makes that a suspicious assumption now.

I really don’t know what to do with a bounce needed, but action very poor, so I do not much or nothing at all.

Have a nice evening.

Warren

Breaking Lower

**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.**

“Time is your friend; impulse is your enemy.”  Jack Bogle

We broke Friday and now I’m looking to get into some short positions.

The chop continues so that remains how we have to play this market using short-term swing trading strategies.

The US dollar continued to bounce which helped push stocks lower Friday .

TLT also continues to be strong and it usually moves in opposite directions to stocks but it may be topping after printing a doji bar Friday, which will be confirmed with a lower close Monday.

Lots of confusion in this market where only swings trades continue to work.

SPY June 12, 2016I’ll look to see how 207.50 then 205 support areas hold in the week ahead.

We should be able to grab some nice gains on the short side but you’ve got to be pretty quick.

Enjoy your weekend.

Warren