Semi Breakdown

**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.**

“Focus on the journey, not the destination. Joy is found not in finishing an activity but in doing it.” —Greg Anderson

One more reason I’m retiring at the end of this week and month is my love of travel.

I’m heading out for one last bike ride tomorrow for the rest of the week with an old friend I haven’t seen in more than a decade so I’ll knock out this letter and blog tonight, instead of the normal Tuesday, so I can enjoy my evening away and then I’ll have one out on Thursday, for the final time.

Please do follow me on twitter @iTraderz as well as at www.wizzentrading.com where I will still do blogs when I see something special, and I’ll also be more inclusive of individual stocks since my newsletter will be closed and I’ve got nothing to hold back from non-subscribers.

We saw markets show a little weakness today along with the usual market leaders like AMZN FB PCLN GOOGL but you get the point.

That’s why Nasdaq was down so much but many other stocks are holding up and continue to look great, so far.

I remain quite heavy into stocks but am being stopped out or locking in gains as my process unfolds, although I did buy some EGO today with gold taking the turn by the looks of it.

Maybe the outline of a new range, or Darvas box as some would call it.

All good for now.

Enjoy your evening.

Warren Bevan

SPY Thoughts August 8

**These were my thoughts on the SPY ETF to subscribers in my Daily Trade Ideas which includes many, many more charts and setups**

Wednesday was a perfect day to take off an hour early and do some golfing and then BBQ so I did.

Summer won’t be around much longer in these part and we can feel it at night already unfortunately.

As for the markets we’re seeing a false breakout on the daily charts while early morning futures are strong.

When looking at the weekly chart we are fine but we must see the SPY ETF close above $170.

I’ve only got LNKD and FB since they are holding up well and giving us great chances to get long at as cheap a prices we will likely see, especially if we don’t breakdown here on the weekly chart.

It looks like we are heading back above $170 today, Thursday, in the SPY and we could finish the week out with a bang after showing many a false breakout and scaring them out of positions, me included in some cases.

If a false breakout comes we’ve got to sell first and ask question later.  We can alway buy back if we breakout again but it’s hard to get out near cost if we fall further.

I was looking to take a few more evenings off this summer but if markets are strong I’ll be here finding the best stocks to buy for us.

Let’s check a few charts in this mornings shortened update.

SPY August 8, 2013

Futures are up to $170 is early action and we saw a bottom bar put in yesterday.  If you’ve been with me long you’ve seen these bars often and they often work to show us tops or bottoms although we haven’t been seeing many as of late with the strong up-trending market.

Looking good here and I’ll be looking to get long on a move back above $170.

I think it should be ok to buy the SPY early today, even before the first 30 mins are up but use tight stops no more than $169.45 but I’d prefer using stops at cost if possible.

We should run higher and not look back if this move is for real.