Poor Earnings Reactions

**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 Trade Ideas to see the rest of this letter.**

“Our greatest weakness lies in giving up. The most certain way to succeed is always to try just one more time.” – Thomas A. Edison

Well, well well.

We did see some heavy weakness this afternoon which didn’t last too long but it is always a warning when we see that type of move lower on heavy volume.

Sometimes it’s a warning shot across the bow, other times it hits, so time will tell, likely

Friday will be that time.

AMZN is down tonight as well as SBUX who started higher, so tomorrow may be a gong show in the market and I’ll be doing lots of selling.

Things may change overnight but so far the end of this week looks sketchy.

SPY looks fine in this normal range action but let’s see how tomorrow goes.

Under 246 on a closing basis wouldn’t be great but it may be hard to give it until the close if we see volatility really pick up.

Enjoy your evening and be careful tomorrow!

Big Week Ahead

**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 Trade Ideas to see the rest of this letter.**

“Success is not final, failure is not fatal: it is the courage to continue that counts.” – Winston Churchill

Another fine week with next week giving the potential for a very strong move.

Some big companies are set to report and if numbers come in strong then we should have one of the best weeks of the year and it’s been a good year.

I’ve been wrong before but all sign point to go!

The SPY chart looks great.

With GOOGL, AMZN and lots of other leading stocks reporting in the coming week it could be a good one.

Enjoy your weekend and the strong market while it lasts.

Warren Bevan

No Worries

**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 Trade Ideas to see the rest of this letter.**

“Lack of direction, not lack of time, is the problem. We all have 24-hour days.” – Zig Ziglar

More solid action from stocks and markets with no sign of a correction that I can spot.

Strong closes are important in bull markets and that’s what I continue to see.

Basing and setting up for moves higher is key, and takes time.

We can’t rise every single day and that’s that.

Gold tried to breakout today but moved back below the breakout area which tells me it needs more time.

Often gold does well a couple or few days after Fed speak but then fails.

Nothing wrong with this SPY chart who’s tested and held the breakout level which coincides with the 21 day average.

Looks good to me for more strength shortly.

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Enjoy your evening.

Warren

More 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.**

“You don’t have to have great ideas if you hear great ideas.” – Eugene Schwartz

There isn’t much to say as stocks continue to chop around on mixed earnings.

We’re seeing lots of failed breakout moves and some stocks are also nearing key support levels such as ACIA who has filled it’s massive gap from last earnings season.

I’m all cash and in wait and see mode but stocks such as ACIA may well setup for us over the next few weeks and as always, having the patience to wait for proper setups will pay, eventually.

october-31-2016SPY looks to be breaking this large head and shoulders top.

Next support level is 210 if we do break lower.

Have a spooky weekend!

Warren

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