Miners, Miners, Miners

**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.**

“The beautiful thing about learning is nobody can take it away from you.” -B.B. King

Weakness seems to be setting in once again with miners & precious metals about the only exception.

That said, we may well rip higher Monday.

Dips have been bought, but the world is in a tumultuous place going into this long weekend so who knows

All I know is gold is strong and jitters are everywhere in stocks.

Cash is a great place to be while markets are acting poorly and that’s where I am with the exception of mining stocks, for as long as they continue higher.

While SPY is at a buy level, if you are playing this range, using tight stops, who knows what will transpire in the world this weekend.

I’d be nervous being long right now but if we hold 232.50 Monday then we should move back to the upper level of the range at 237.50.

Time will tell but we sure do live in interesting times at the moment.

Grab the rest of this letter by subscribing and have a wonderful long weekend.

Warren

Precious Metals Are Popping

**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.**

“Efforts and courage are not enough without purpose and direction.” -John F. Kennedy

Some very sloppy action today with a sprinkle of strength to end the day.

We remain in a range, and will until we don’t.

There are select places to be, right now, gold and silver miners, but there aren’t a lot of stocks trending for the time being.

TSLA is a bit of an exception but it’s very extended and sure to go for a good rest anytime now along with AMZN.

SPY is rangebound.

Not much else to say except quick trades may work, or sectors who are showing strength, such as the metals, but overall there is no trend so cash is mostly my preference.

Have a great evening and see the rest of this letter by subscribing.

Warren

Just Strong

**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.**

“Yesterday’s home runs don’t win today’s games.” – Babe Ruth

Wednesday saw some heavy weakness come into stocks in the afternoon and I reduced some positions since the action was telling me we would remain in a range trade at best and see weakness more likely.

Futures were weak overnight to confirm this but then we saw nice strength today in the end.

This market is just strong and that’s all there is too it.

We will likely see a range trade for a while yet before we see the next breakout higher so adding on weakness and playing range trades looks to be in store.

April is often a strong month but so far it’s not showing that, which is unfortunate.

The good news is the bull market is strong and should continue for a few years to come.

Metals continue to act great with many miners setup to move higher anytime, or some are already.

Let’s see how SPY plays out.

I can’t get excited until we move and close above the downtrend line around 237 for the moment.

We can see 232.50 as the low end of this range and 235 as the mid level so trading off those pivots can work until we breakout higher most likely.

Often, bases last 6 to 8 weeks and this one is in week 6 now since the high in early March.

Enjoy your evening.

Warren

Only Miners Are Winning

**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.**

“Happiness is not in the mere possession of money; it lies in the joy of achievement, in the thrill of creative effort.” – Franklin D. Roosevelt

Stocks broke today after a couple months of choppy action.

We continue to see earnings breakouts fail and poor action almost all around, with the exception of mining stocks who began to perk up Monday and followed-through nicely today.

I bought a few miners Monday afternoon and posted it on twitter @iTraderz and I added one more today, JNUG.

That said, if the action doesn’t work, I’ll be back into an all cash position.

The confusion of the election continues to have traders nervous and unwilling to take many gambles so the perceived safety trade of gold and silver is working.

november-2-2016SPY tested and so far held the big support level at 210 and I did try a 10% weighting for a day-trade in SPY today but it didn’t work out.

I was in at 210.38 and out not long after at 210.10.

We did see some strength into the close but this action is telling me we need to test the 200 day average down near 206 in the next few weeks before we really see bottoms develop.

Of course, I may change my mind on that view if the action changes.

Enjoy your evening.

Warren Bevan

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Gold & Silver At Historic Buy Levels

**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.**

“We’re not going to play a winning hand every day.” John Paulson

We don’t want stocks ripping everyday or that means the end is near.

Stocks continue to base and act fine along with markets who are setting up for a next leg higher.

I remain very heavy into stocks but I’m not seeing too much new that really has my eye.

Gold and silver are testing their 200 day moving averages so now we see if those levels can hold and end up being a buy opportunity.

In long bull markets the 200 day average is rarely hit but usually provides amazing entry points as the bull market rambles on so let’s see how Friday plays out.

It may well be our first, best, dip buy chance in the metals and miners.

october-7-2016SPY has turned into a nice triangle which should resolve with a move to the upside with the 217 area the breakout level.

Have a great evening.

Warren