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

“Let go of certainty. The opposite isn’t uncertainty. It’s openness, curiosity & willingness to embrace paradox.” -Tony Schwartz

There are many earnings releases which are seeing the companies trade lower with some exceptions such as AMZN and GOOGL showing very strong initial strength but they did close near their respective lows of the day which isn’t so hot.

With a few exceptions, I’m still mostly waiting for bases to continue to complete.

I am still on a bike trip and loving the choppy action since there isn’t a lot to do in the market, but lots of great road to ride around Tennessee, North Carolina, Georgia, Kentucky and the Virginias.

SPY has found resistance at the top level of the horizontal channel and should move lower, but I’ve been wrong before.

Until we breakout higher, or lower this range trade is easy pickings.

Have a great and enjoyable weekend.

Warren

Fed Flop

**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 only learns in two ways, one by reading, and the other by association with smarter people.” – Will Rogers

Not much to say about the Fed minutes, nor the action in stocks today.

A very quiet day with a hint of weakness which did see me reduce more, but also, I bought some GDX as miners were showing a bit of strength, but I stopped out at cost in the last minute of the day as the ETF faded.

Strength returns in November generally so I’m looking to raise more cash and do some waiting, study and chart-work to be ready for the next round of setups who are sure to form.

october-13-2016SPY continues to hold the 100 day moving average but the action right now is telling me we need some time to form new setups.

Enjoy your evening.

Warren

See the rest of this letter.

Trading vs Trending

**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.**

“People will do almost anything to stay in their comfort zones. If you want to accomplish anything, get out of your comfort zone. Strive to increase order and discipline in your life. Discipline usually means doing the opposite of what you feel like doing.” – Kekich Credo #1

Lots more chop Friday as we enter a normally 6 to 8 week period of weakness.

Letting the charts really setup is great for a year end run.

I am seeing a few long bases that may begin to move soon while many stocks could use some rest.

There are also some shorts I’m looking at!

Basically, we should be back into a trading, not a trending market, so I’ll be swing trading again.

September 19, 2016SPY looks set to break this bear flag and move lower.

Rest is due and good.

Enjoy the last weekend of summer.

Warren

Stocks Trigger A Selloff

**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.**

“People will do almost anything to stay in their comfort zones. If you want to accomplish anything, get out of your comfort zone. Strive to increase order and discipline in your life. Discipline usually means doing the opposite of what you feel like doing.” – Kekich Credo #1

I do not like the action we’ve seen lately and especially since last Friday.

I sold just about everything today to lock in some amazing gains, and a few losses, as I detailed on twitter today @iTraderz

We can always buy stocks back but mid-September until November tend to be poor months in the market so it may be a good time to take a little trip and enjoy the fruits of the profits we’ve just locked in.

september-15-2016SPY looks to want to roll over further.

I thought we’d get a rip higher before the seasonal weakness kicked in but that’s what I get for thinking.

We just have to interpret the charts and act without emotion.

I’m looking for short positions as they come but not going to push my luck and I am already short HCLP.

We had a great run, and likely will again into years end, but 6 to 8 weeks of setup is certainly due before that so I’m not looking for a crash.

Shorting will be limited to excellent setups and action.

Enjoy your night.

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

All Cash During This Choppy Action

**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.**

“Use your fear…It can take you to a place where you store your courage.”  Amelia Earhart

Markets really didn’t do much this week as they continue to hold but they may soon roll lower unless we can get much better earnings numbers begin to roll out but that doesn’t look very plausible.

Stocks aren’t doing much either with some trying to get going a bit higher and some breaking down with larger moves coming on the downside so far.

I remain all cash so I’m keeping an eye on things, but not super focused for the time being.

I’ve been trying to go on a bike trip but I’m still waiting for a $5 part to arrive and I’ve got plans in two weeks that I’d prefer not to miss so it’s looking as if my trip may be postponed until later this month, but I may get away Monday if the part arrives early enough.

SPY May 9, 2016SPY is still holding the 205 area and the 50 day average and that is positive.

It does have a head and shoulders now which points to a break to 200 though so that looks to be the most likely move over the next week or so.

Enjoy your weekend.

Warren

Avoiding Stocks

**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 would you do if you weren’t afraid.” –Spencer Johnson

More chop today with a side of weakness and the S&P is still holding support.

This is a great market to avoid so I’m doing just that.

I will be away for about 2 weeks starting any day now, as soon as one small part for the motorcycle arrives.

I’ll need some rest days and do plan on doing some writing on those days but the blog and nightly letter will be sporadic, at best.

The precious metals are resting and that is good action as the new phase of the bull market is just in the very early stages.

SPY May 4, 2016SPY is holding 205 which is good action and points to a move higher but if we do break 205, that level can be shorted with 202.50 the next support area to look at.

Have a lovely evening.

Warren