Poor Earnings Reactions

**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.**

“Our greatest weakness lies in giving up. The most certain way to succeed is always to try just one more time.” – Thomas A. Edison

Well, well well.

We did see some heavy weakness this afternoon which didn’t last too long but it is always a warning when we see that type of move lower on heavy volume.

Sometimes it’s a warning shot across the bow, other times it hits, so time will tell, likely

Friday will be that time.

AMZN is down tonight as well as SBUX who started higher, so tomorrow may be a gong show in the market and I’ll be doing lots of selling.

Things may change overnight but so far the end of this week looks sketchy.

SPY looks fine in this normal range action but let’s see how tomorrow goes.

Under 246 on a closing basis wouldn’t be great but it may be hard to give it until the close if we see volatility really pick up.

Enjoy your evening and be careful tomorrow!

Back To Ca$h

**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.**

“Action is the real measure of intelligence.” — Napoleon Hill

We went to an all cash position today after doing much selling the past two days unfortunately but that’s the way the cookie crumbles.

Things looked and acted so great last week but it didn’t last long.

I wouldn’t change a thing I did since once things begin to behave well and I notice, I go heavy but I’m always ready to lock in gains or take losses while they remain small and that is what I did yesterday and today.

We avoided any real damage and booked some really nice gains in a few.

We can’t always have our cake and eat it too and surviving until we can, is a major key to trading.

Charts are sloppy now and markets seem to want lower but with several large earnings coming out tomorrow, both before and after the bell, like BABA BIIB GOOGL ALXN AMZN and CELG this could all change to positive again.

The thing is, as we saw with NFLX earnings and AAPL earnings now which were great, the effect won’t last long most likely.

That just means, we can make great money, but we do have to do so quickly and not get too greedy.

We have to identify support and resistance levels on the 15, 30 and 60 minute charts and use them to our advantage and be quick.

I’d love to buy and hold as much as Warren Buffet but this market won’t let me so I won’t.

As for the new round of real-time service, I’ve had the flu for nearly a week now and I’ve not really had any energy to devote to getting things ready so I’ll likely continue this term of it for current subscribers for an extra week and begin the new term a week late.

More info once I regain my strength, hopefully tomorrow…

I’m not old by any-means but man its zapped me.

SPY January 29, 2015FB just beat on earnings but isn’t doing anything special here yet.

SPY very well could be on the cusp of breaking this large head and shoulders pattern which would target a move down to 192.50 or so.

We are right here at the breakdown level and a move under 200 is a short signal but as I said above, with many big hitters reporting over the next day or two, we may bounce for a while yet if numbers are good as I expect.

It’s a bit of a jumble right now and that is rarely a good thing.

Have a restful evening.


Here We Go!

**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.**

“I know from experience that nobody can give me a tip or a series of tips that will make more money for me than my own judgment.” -Jesse Livermore

A solid day as many stocks are now on the move.

I have a feeling I’ll be starting many of my nightly letters with those same words over the next couple of months

I reopened up my real-time service for a few days since demand has been quite high lately as markets and stocks are set to make us our money for the year over the next couple of months.

You can get your membership at http://wizzentrading.com and if you are already a member to this nightly Daily Trade Ideas letter you can up your subscription by email me at warren@wizzentrading.com

Stocks are really moving nicely now and markets are as well.

I’d have preferred to see a few more rest days but that is not up to me.

Breaking out even while quite overbought shows the strength of the market we have right now.

Of course, I could be wrong but that is why we have stops but the market is never wrong and it is telling me we are going higher now.

If the market changes its mind, I will as well.

I am a follower of markets and stocks, not a leader.

SPY October 29, 2014A solid move from SPY although on lower volume.

Next resistance is the 200 area but this should be the break that take us nicely higher into the end of the year.

Not straight up, but dips should be able to be bought.

Here we go!

Enjoy the baseball game tonight!


SPY Thoughts May 29

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

“In this business if you are good, you are right 6 times out of10.  You are never going to be right 9 times out of 10.”  Peter Lynch

Quite a slow day really with stocks digesting recent gains for the most part along with the indexes.

Gold was hit again and is not looking good.

We are in the early stages of this next move so we should see some great gains going forward if we can nail the right stocks at the right time and so far so good on that front.

We did add some ACT and NFLX today on its weakness and I also tried some FB but took a small loss of a dime per share right away since it is just not ready yet.

Let’s get right to the charts.

SPY May 29, 2014Fine action from the SPY ETF and as long as it stays above 191 we are all good.

We are still not in full raging bull mode so using dips to accumulate or buy something you missed on the original breakout is a good strategy.

For now, things are working but we have to be on our toes in case that changes.

I really am getting heavy here and don’t like having more stocks than this at anytime.

It is hard enough to keep track of 6 or 8 so I’m not looking for many more unless something really catches my eye.

Enjoy your evening.


SPY Thoughts October 21

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

”We are what we repeatedly do; excellence, then, is not an act but a habit.”—Aristotle

A great Friday with markets and stocks rising well.  We’re seeing some great strength here and trying to take advantage of it as best we can.

This is a long report with several positions on now and several more who have really got my attention.

Unfortunately a few gaped above my buy point like AMZN and BIDU, on great GOOG earnings.

This could be the start of a huge run into the end of the year so let’s get right to it and look at many charts today.

SPY October 21, 2013

The SPY is working well here.  I’m still fully long from my entry at the $171.30 area and I’m raising stops here now.

I’ll raise half my stops to $173.75 and leave the rest at $173.30 for now.

Not much else to say other than the action is excellent and this one wants higher still.

Have a great rest of the weekend and Monday


SPY Thoughts October 18

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

You can do anything, but not everything.
—David Allen

First I have to apologize for my 3 errors last night.  It’s a rare thing for me to put the wrong numbers down but I did Wednesday evening three times unfortunately.

My mistakes were SPY where I said I’d take a long trade if it came back and tested $172.30 and then held that level.

I was obviously talking about $171.30 since it had not even hit $172.30 at the time.

I said the BYD buy point was $10.07.  That level has not been seen for a long time and the consolidation just under $14 meant the breakout level was $14.07, not $10.07.

The last error I made was NFLX where I said $319 was the buy point.  We are above that level already and the small consolidation just under $330 would have obviously meant $329 was the buy point, not $319.

I’m very happy to have not gotten any email about this as all you members obviously saw the patterns and figured it out.  Great job.

With the debt ceiling out of the way and the government doing whatever it is they do, it’s now safe to begin entering markets here using proper buy points of course.

We saw some great moves today and several of our buy points were triggered Thursday and we are getting into certain stocks as buy points are hit.

I picked up much more today than I’d planned as the action was good, for now.

As I suspected would happen, as usual, gold saw a big move overnight which gaped above my short level leaving me with a loss but since I had expected this type of action it was a small position so it’s not that big of a deal.

Let’s take a look at the index charts before we look at the positions I took  today and any others who are looking to breakout very soon.

SPY October 18, 2013

SPY moved back to under the $171.30 level very early in the day and as it moved back above that level I was piling in.

So far so good and my stops are now just below $173.

Volume wasn’t special overall but up volume was very nice and especially into the close as price spiked higher.

Have an awesome Friday and weekend ahead.


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.