Steel Stocks Ripping

**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.**

“There are certain things in this world we all have in common, such as time. The difference is what we do with that time and how we use it. If you’re killing time, it’s not murder, but pure suicide.” – Lou Holtz

Indices continue to move solidly higher and stocks are starting to move as well very nicely.

I’m seeing lots of buy levels set to go, although I only focus on those I think best, and many more are setting up very well.

That said, overbought readings say we need some consolidation soon.

The steel sector is on a tear and may well become a major theme in the years to come if Trump can pull off massive infrastructure projects and I for one hope he succeeds.

november-23-2016Great action from SPY into highs, albeit on lower volume than I’d like to see.

We may yet see this breakout fail, but that should only be short-lived.

I still think we’ve got a few years left in this bull market with the real fun still to come.

Have a wonderful night.

Warren

Mixed Action Between Markets & 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.**

Mixed action today with only select stocks really moving while most acted pretty choppy.

It is not the easiest market to make money in but we’re getting by.

Markets on the other hand look strong though so mixed action it is.

Cautious optimism is how I’m approaching things today.

I’m not buying super heavy position sizes but medium to medium heavy weightings for now and I’m not shy about booking losses quickly if need be.

SPY September 19, 2014SPY is acting very nice.  Strong volume pushing it into new highs is great, I just wish more stocks were acting as nicely.

As I said, I’m cautiously optimistic here and buying on the long side but I’m ready to exit quickly if need be.

Enjoy the evening, Friday and weekend.

Warren

SPY Thoughts October 11

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

“Always and never are two words you should always remember never to use.” – Wendell Johnson

Wow.  What a huge overnight move in markets as a deal on a temporary debt ceiling extension looks to be in the works.

That said, I will not touch anything in this news driven market since we can gap open up 20 or 30 S&P handles, or vice-versa.

I have no problem waiting for a safer time to enter the market.

All I’ll be doing is perhaps some day-trading and I’ll tweet any I take.

I like when markets are choppy since I can get out of the office a bit more and enjoy the fruits of my labor.

Until we see a trend or a nice base emerge I’d not get too excited and remain mostly in cash but if you are trading, trade small.

Having all your capital to use when the easy trades come will get you to your goal much faster.

Let’s check the markets who have found some support as I mentioned was likely and also one thing to note is that in bear cycles the bounces come hard and fast but fizzle out quickly.

So far this is textbook action that we see in a bear cycle so it’s something to watch for.

Never forget that CASH is a position.

Let’s look at the index charts to being.

SPY October 11, 2013

I tried to short SPY today as it fell of it’s 21 day average but ended up being stopped out at cost as the markets roared higher still.

It’s rare to see the S&P up over 30 handles, even 20 handles is pretty rare but we did today, up some 36!!

Of course 20 of those points happened pre-market so it’s not as strong a move as it may look on paper.

Volume was not as high as the down volume Tuesday so I’m not so sure about this news driven move.

I’ll not hold anything overnight I imagine until this market can show me it’s moving on it’s own, not on a news headline.

The chart does look like it’s going higher here all of a sudden though but I’m in no rush.

If it’s true and this wasn’t a correction after-all then we will have many much safer entry points in the days and weeks ahead.

Have a great Friday and weekend and enjoy your Thanksgiving Monday and turkey if you’re up here in Canada.

Warren

SPY Thoughts October 7

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

”Nothing wins more often than superior preparation. Genius is usually preparation.” Kekich’s Credo

We saw a pretty tame Friday for the most part but things are holding well and not moving lower as Thursday’s action had suggested.

Many of our stocks are holding up very well and we’re still in this market in a good sized way

There are several new buy points today for the week ahead that look really good and of course managing our existing positions is a major theme as they are doing really well but we can’t let profits slip away.

It’s a fine line between letting a stocks run and being stopped out too early but we’re doing very well in this cycle in that regard.

Let’s begin with the index chart before we get into what we’re holding and several nice new buy points.

SPY October 7, 2013

SPY is kind of building a sharp head and shoulders here now but this pattern is not the most reliable, especially with the Nasdaq and Russell 2K holding up pretty well and possibly ready to move higher.

As long as we remains above the 50 day at $167.53 we are fine and a move above the $169.40 level would be quite good.

Only time will tell how we move here but the chart does point to lower for now but that can change quickly.

As you know many leading stocks are still moving higher or are holding up very well and that’s all I’ve been focused on here now for a week or more.

Just because indexes aren’t moving higher doesn’t mean solid stocks can’t make nice gains.

Enjoy the rest weekend and Monday.

Warren

SPY Thoughts October 4

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

”Nothing wins more often than superior preparation. Genius is usually preparation.” Kekich’s Credo

I had a few things that took my attention last night so I am just getting to this update early this morning.

The good news is stops were triggered in some cases and we need to see how markets digest the next few days here with the debt ceiling talk finally catching up to things so there isn’t much new to look for, rather managing existing positions is the focus.

Everything has been so strong in the face of a government shutdown and the debt ceiling and it does shock me that it’s affecting things now.  Nothing has really changed but it is what it is and we have to mind our stops accordingly.

Let’s begin with the index charts.

SPY October 4, 2013

The SPY fell hard before rebounding in the afternoon.

It’s sloppy action and volume was strongest on moves lower.  Not great action at all.

We really need a few days to see where this move is going as we aren’t breaking down yet but a move under the 50 day at $167.51 would not be great and could be shorted.

The QQQ and IWM had been looking great but reversals can and did come quickly so let’s take a look at those index charts.

Have a great Friday and weekend.

Warren

 

SPY Thoughts October 2013

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

“When you say “It’s hard”, it actually means “I’m not strong enough to fight for it”. Stop saying its hard. Think positive!” – Unknown

A big gap down for the open today which ended up being the low for most things and the markets.

I often let the first 30 minutes or so pass before taking a trade or exiting a trade and luckily today things got strong early and the rest of the day went fine.

What looked like it may be a tough day ended up not too shabby.

With the government potentially going to shut down now in the US there is no telling what we will wake to Tuesday morning.

Let’s begin with the index charts.

SPY October 1, 2013A gap open below my short level means I wasn’t chasing.  We bounced perfectly off the 50 day today and that was the easy trade.

Now we see if we can hold this 50 day average.  If not I’ll be going short with an eye still on a move to the $166 area.

That said a move back above the 21 day at $168.50 would be signal to get long.

Enjoy your Tuesday.

Warren

SPY Thoughts September 30

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

“When you say “It’s hard”, it actually means “I’m not strong enough to fight for it”. Stop saying its hard. Think positive!” – Unknown

A pretty quiet Friday for the most part but we did see our positions do well and also a recent buy of ours, CELG, explode out of it’s cup and handle position.

I love the leaders and those are the stocks I really focus in on since they move the best.

Said another way, they are easy to trade.

Personally, I like the easy road, not the hard road.

I much prefer to identify and get to know the leading stocks who act best once they breakout.

Why bother messing with a stock that whips around and causes duress when you can find a stock that breaks out and then moves well afterwards.

Let’s take a look at the indexes before we get into these easy to trade great moving stocks.

SPY September 30, 2013

SPY broke lower right at the open Friday.  I don’t often chase a move until at least half an hour passes and I did not chase this one.

The SPY found support exactly at the 21 day average and was pretty quiet the rest of the day.

My short level is now a break under the 21 day at $168.55.

If the 21 day continues to hold then we have to be looking at this area as a low in this correction.

Time will tell.

Enjoy your weekend.

Warren