Fed News Wednesday

**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.**

“Your life does not get better by chance. It gets better by change.” —Anonymous

I want to remind you that I will be retiring mostly from writing at the end of September and closing down my newsletter business.

I’ll be just a full time trader which is easier than ever to do from the road, or in general, without having the distraction and time devotion needed to write so often.

If you’d like to still follow what I write the odd time please sign up in the right margin at www.wizzentrading.com or follow me on twitter @iTraderz.

September continues to be slow as we await Fed new Wednesday, where we are most likely to see no rate increase but we should see a timeline for their asset reduction to begin.

Fine but slow action from SPY.

We may get some volatility Wednesday afternoon on Fed news but time will tell.

This is normal for action to be quiet for the next month or so, so enjoy time away from the screens if you so choose.

Have a nice night.

Warren

Wednesday Will Tell

**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.**

“Whatever the mind can conceive and believe, it can achieve.” – Napolean Hill

We’re still waiting on the Fed news coming Wednesday, where a likely quarter point rate increase is coming.

That is baked into the market, and the market seems ready to resume its strength.

Last month we had a quick dip, now this month looks to have the same.

You never know how things will act on Fed day but I am long biased and ready to make some buys if we move higher and we should be pretty sure of that by Wednesdays close or Thursday.

SPY is poised to breakout now and the Fed rate hike may be the catalyst we need.

Or, we could continue to range trade between 244 and 242 or so.

Tomorrow will tell.

Have a wonderful evening.

Warren Bevan

Ripping On Rate Hike

**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.**

“Money is only a tool. It will take you wherever you wish, but it will not replace you as the driver.” —Ayn Rand

A bit of giveback today after the sweet, sweet action of Wednesday afternoon after it was announced the interest rates are increasing 0.25% as widely expected.

This was baked into the market, as I’ve talked about, and the apparent weakness of Tuesday was just to shake out the weak hands.

All good still as we continue to trend higher.

As for my NUGT position I had Monday, sold for a small loss Tuesday, but had a feeling it would work, it sure did Wednesday afternoon.

Can’t win them all but it would have been nice.

SPY is fine and looking for a move higher once it finishes this consolidation.

Superb action with volume where it should be, low on weak days and high on strong days.

Enjoy the rest of this letter by subscribing.

Have a great night.

Warren

‘Twas The Night Before A Rate Hike

**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.**

“There is nothing noble in being superior to your fellow man; true nobility is being superior to your former self.” – Ernest Hemingway

Volatility picked up this storm day in NYC and on the even of a likely 0.25% rate increase.

That said, the rate hike is baked in and I don’t see this little spat of weakness as anything other than that, for now.

I saw some strength in metals and did try a NUGT position Monday but I was stopped out for about $0.30/share loss today.

The miners usually lead the metals, and may again tomorrow, but I had to  get out today.

Metals usually do fine around Fed speak but so far not this time.

SPY continues to hold nicely above the 21 day moving average as the uptrend continues, with a little rest right now.

Wednesday will be interesting to see how stocks close the day and then we should get a good idea Thursday of if we need more time or if we’re ready to bust higher again.

I think the later.

Have a great night and don’t forget to get the rest of this letter.

Warren

Oversold But Acting Very Weak

**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 never get momentum if you never get moving. If anything is going to stop you, don’t let it be the start.” – Martin Rooney

So the Fed didn’t change rates, with a unanimous vote, and that was to be expected with a Brexit seemingly more and more imminent.

All the talk and rhetoric was for naught in the end and markets remain choppy.

We’re very oversold right here so I am cautious taking any positions home overnight.

I’ve not done much this week other than a few day-trades for a some small gains and a few out at cost but nothing to write home about, just something to do these cloudy rainy gloomy days as stocks continue to chop around.

SPY June 16, 2016SPY looked like it may have a little low we could swing trade off of as it held the 50 day but the weakness into the close makes that a suspicious assumption now.

I really don’t know what to do with a bounce needed, but action very poor, so I do not much or nothing at all.

Have a nice evening.

Warren

Stocks Moving Higher On Fed News

**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 starting point of all achievement is desire.” –Napoleon Hill

A pretty quiet day as expected until the Fed announced no rate hike and that they are only looking at 2 hikes instead of 4 this year and even that may be a stretch but time will tell.

Our stocks are working very nicely and I bought a couple more today, CRM and PYPL.

AMZN did selloff late today quickly on a news article that I don’t see as relevant but it’s still above my buy level so I held, but otherwise, our trade plan is working.

SPY March 17, 2016SPY is moving well with the next major level to watch at 207.50 but we do have a gap fill area to keep an eye on at 203.80 or so, so let’s see how the action is there.

Enjoy your evening.

Warren

Waiting For The Fed

**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’d like to live as a poor man with lots of money.   -Pablo Picasso

Friday didn’t see much action as we continue to see markets form the wedge which points to a move lower.

That said, we do have the much talked about September Fed meeting coming up this week and there remains much speculation over whether a rate hike will be announced or not.

It’s actually a good sign and markets react strongly to a raising rate environment after the initial shock is worked out but I’m not so sure we are ready for a hike yet.

I won’t be doing anything except perhaps a few day-trades until the Fed meeting is over Wednesday and then, we may see a trend emerge so it’s a great time to look away for a few days if you can.

SPY September 14, 2015Not much new to say in this chart or most really as we wait for the Fed Wednesday but this chart does point to lower.

I may run away on the bike and do the Cabot Trail Monday if the weather permits and be back Tuesday evening and then back in full work mode for the Fed Wednesday but it’s weather dependent.

Have a wonderful weekend.

Warren