Stocks Are Turning Back Up On NFLX Earnings

**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.**

“Win or lose, everybody gets what they want out of the market. Some people seem to like to lose, so they win by losing money.”  Ed Seykota

A strong day for some stocks today after NFLX showed nice earnings numbers and took the market higher with it.

I saw some miners really begin to take off so I bought a few who I’ll talk about later in this letter, and I also bought a heavy weighting in TWLO as it found, held, and moved back up off a key support level.

TWLO is one of my top picks right now going forward so I was looking to get a heavy position on weakness.

The metals look like they are ready to make the turn higher with miners leading the way, as they often do.

october-19-2016SPY doesn’t look special here but it’s holding above the 200 day average, but not finding the power to best the 21 or 50 day averages yet.

I can be out of stocks very quickly, just as I can be in them quickly, so I am now pretty heavy into stocks, but still cautious and ready to get back into cash.

I know I said I’d likely not do much for a couple weeks but things can change quickly, and I can change my mind just as quickly.

Have a great night.

Warren

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A Choppy Session

**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 haven’t the strength to impose your own terms upon life, you must accept the terms it offers you.”  T.S. Eliot

Futures gaped lower and remained so for the open

Markets were weak to open, then came back well before falling again.

Basically we are seeing chop again.

The low still looks to be in place but that can change.

I’m still quite heavy in stocks but those who hit my stops were sold today.

All my pick don’t always work and I’m generally not in the mood to see my stops taken out, especially in this market that is still a bit on the suspect side/cautiously bullish.

SPY September 1, 2015SPY is holding well enough here in this very sharp/volatile chart.

As long as we hold above 195 on a closing basis the low is in.

So, now we are building this range between 200 and 195 with 197.50 the pivot area to watch the behaviour.

That said, I won’t put up with stocks not working but this chart looks good as we continue to build a base that should see us good to go by November or a bit earlier.

Have a great evening.

Warren

Bottom Appears To Be In

**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.**

“May you live all the days of your life.”  Jonathan Swift

A great strong day for markets and most stocks after the behaviour changed Wednesday afternoon.

It looks like the low is in and I’m heavy into stocks at the moment but I’ve been wrong before.

I’m ready to sell if need be and hopefully we are done with the wild gaps and can continue to form the major bases which should propel us higher in the fall.

SPY August 28, 2015SPY had a great day and should now move to the 205 and 206 areas where resistance and the 200 day average sits before we see much consolidation.

All in all, great stuff with subscribers and I and even those who heed my words in the free blog having sat out the wild moves and now we’re into stocks after seeing positive action.

Half the battle is not trading all the time, rather preserving capital and pouncing on opportunities.

Have a great Friday and weekend.

Warren

Superb Action Pointing To Lows Being In

**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.**

“Being ignorant is not so much a shame, as being unwilling to learn.”  Benjamin Franklin

All in all a perfect day.
A low does look to be in for now with markets but another couple to four days of sideways chop is best.
I did do some buying today and added to one stock, MBLY.
There aren’t many setups at the moment but they are developing very nicely.
Having patience before going heavy is key and will be THE difference between winning a bit or losing on balance to making large returns.

SPY October 7, 2014SPY looks great with the spike low we see so often.

A few more days trading between 198 and 196 should see a move back up to highs at 202.

Great action all in all.

Have a wonderful evening.

Warren

Are Lows In Already?

**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

A solid Friday that showed potential for a low being in now.

Thursdays action told me to get long some SPY so myself and real-time subscribers did and those call payed off very well having bought them at $0.50 an sold them in two tranches Friday at $1.55 and $1.68.

Not a bad quick trade, but not major either.

Let’s move right into the charts this weekend.

SPY October 6, 2014A solid Friday as the chart suggested we would have.

Sometimes late day buys are great once the daily bar is almost completed.

Many times we have done very well in short order on such trades.

SPY ran right into resistance at the 50 day as was expected and now we see.

Ideally, we will put in a small sideways channel here for 3 to 5 days and then break above the 50 and 21 day averages and then onto new all-time highs right on schedule with seasonality and on track for usual length of corrections.

Have a lovely weekend.

Warren