Poor Stock Action & Trading

**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

Quite weak action with a few exceptions today but in the end I had to check out of a couple stocks for larger losses than I’d have liked.

The action since the debate has been poor.

I had to check out of ACIA at 90.15 from my 113.30 entry which really stings and was just a poor, poor trade on my account.

PI was also slammed today and I had to sell out at 27.90 from my 34.85 entry point which is also no fun at all.

I still do have some nice winners which look set to move higher such as REN AMZN CLVS BABA KERX & MOMO but my eyes are peeled and I’m ready to exit those positions quickly if need be.

Let’s get into the charts starting with the SPY ETF.

october-12-2016SPY broke lower out of the triangle unfortunately but it’s holding the important 100 day average for now.

The action isn’t great here and may well be pointing to lower prices so caution is warranted.

Have a nice night.

Warren

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

Lots Of Broken Charts After Friday

**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.**

“Confine yourself to the present.” Marcus Aurelius

Friday saw some serious selling take hold and I had to do some myself.

Once it became apparent in the last hour that stocks were not going to make a comeback and close the day and week on a positive note I had to decide which ones to sell.

I sold my 10% weighting in SPY from $202 at $213.88 which isn’t great considering it was up at 220 not long ago.

I sold my 10% weighting in FB at $127.65 from my $112.50 entry which is solid.

I had to sell my 10% weighting in NFLX at $96.73 from $87.75 for so, so gains.

I had to sell my 15% weighting in HCLP at 15 from my 14 entry for not bad gains since it is showing a major top bar from Thursdays action.

I even shorted 5% in HCLP at $15.65 since it looks to have topped.

I sold my 10% weighting in GOOGL at $790 from my $688 buy for swell gains.

I’ve still got a chunk of stocks but they may or may not be sold early next week if this weakness continues.

september-12-2016I had to sell SPY today.

I really was looking for strength in the last hour but it never came so that tells me we’ve got more downside here.

That said, some stocks should hold up very well but I’m definitely got an eye out for short positions when I’m looking at charts all of a sudden.

Enjoy your weekend.

Warren

Feeble Breakouts, So Far

**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.**

“The number one reason people fail in life is because they listen to their friends, family, and neighbors.” –Napoleon Hill

Another tough day to be short.

I didn’t get the chance to get a blog out last night since, life happens!

We remain seeing some decent action to the upside which did see me have to cover my NFLX short position but I’m holding the rest, for now.

The breakouts we’re seeing are not on special volume so are more prone to fail but another day or two of strength and I’ll have to cover my shorts and look to longs which do seem to be shaping up well now.

Unfortunately, losing trades are part of the game and I may have to book a few shortly.

I generally don’t go as heavy into short positions so I’ve not been much more than half invested in these shorts while I generally go into margin when in long positions.

SPY April 14, 2016SPY is moving higher but not breaking past resistance yet on heavy volume, but if it does, it will be apparent right away on the shorter time-frame 15 minute chart.

Have a nice evening.

Warren

Weak, Happy Endings

**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’t connect the dots looking forward; you can only connect them looking backwards. So you have to trust that the dots will somehow connect in your future. You have to trust in something–your gut, destiny, life, karma, whatever. This approach has never let me down, and it has made all the difference in my life.” –Steve Jobs

We began the week with a nice gap higher to open, but there was no follow-through, just chop.

There was absolutely no trend today until the last hour when stocks began to show weakness, and I’m happy about that.

I remain short and it’s looking good for myself and members.

I remain short ALXN CMG FB NFLX PCLN & TSLA.

SPY April 12, 2016SPY isn’t breaking lower yet but looks close.

A break under 204 may see me grab a short position, but honestly, I’m happy with the shorts I’ve got on for now so I’m not so sure.

All in all, stocks are acting weak and I’m short, trying to take advantage of it.

Have a great night.

Warren

Stocks Look To Be Starting To Correct

**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 genuinely want something, don’t wait for it–teach yourself to be impatient.”  Gurbaksh Chahal

SPY started strong but then began to fade along with many stocks including most leaders.

It looks like I was right to lock in our long gains Thursday and I shorted some stocks Friday as they began to breakdown.

I’m short ALXN CMG FB NFLX & TSLA now so let’s see how it goes.

SPY April 11, 2016SPY closed on lows again which is not a great sign.

It’s not breaking down yet but trying and the 204 and 21 day average at 203.20 are key levels to hold.

It always amazes me how quickly behaviour can change as we saw this week.

Wednesday was so good but then Thursday changed everything and forced me to lock in gains.

While I’d love to be able to buy and hold it just isn’t in the cards from what I see, yet.

Have a glorious weekend.

Warren

Stocks Look To Be Rolling Over

**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.**

“Never put off till tomorrow what may be done day after tomorrow just as well.” ― Mark Twain

After the best day we’ve had in a while Wednesday, Thursday saw weak action that saw me lock in all my gains.

Things can happen quickly and I do not like the action all of a sudden.

If I’m wrong, I can always buy back into stocks, but if I’m right, the gains I locked in would have disappeared in the blink of an eye.

We’ve seen nice slow steady gains many times over the past couple of years, only to see weeks worth of upwards moves taken away in a day.

Luckily, I’ve been mostly on this and been able to lock in gains but many people have not been so lucky.

You really, really have to be watching closely and paying attention to the action and volume.

We had some good gains for sure but our best was TSLA which we just bought last week at 235 and we sold today at 260.

Not amazing gains by any means, but nothing to sneeze at either.

SPY April 8, 2016SPY is at resistance and it did look good but now I am not at all keen on it.

I’m actively looking for shorts now but if we do breakout higher I’ll be back on the long side.

I can move in and out of stocks very quickly and that is a huge advantage, if you can spot the danger signs, or the buy signals.

Enjoy your evening as we wait with baited breath to see if I’m right or wrong.

Warren