Miners Take A Beating

**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.**

“Failure is not fatal, but failure to change might be.”John Wooden

We just can’t seem to get a good breakout, yet.

Consolidation is great and tight consolidation, as we’re seeing, is even better.

I was close to dumping my mining stocks today but I’m seeing so much bearishness and short entries talk, and we’ve already fallen quite far, that I held for now since those are signs of bottoms and most miners are at strong support areas, not breakdown levels.

August 31, 2016Still stuck in this flat channel for SPY.

Not much to say until this changes.

I’ve got a 10% weighting from 202 still with and eye on 217.50 for a stop area.

Have a nice night.

Warren

A Choppy Session

**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 haven’t the strength to impose your own terms upon life, you must accept the terms it offers you.”  T.S. Eliot

Futures gaped lower and remained so for the open

Markets were weak to open, then came back well before falling again.

Basically we are seeing chop again.

The low still looks to be in place but that can change.

I’m still quite heavy in stocks but those who hit my stops were sold today.

All my pick don’t always work and I’m generally not in the mood to see my stops taken out, especially in this market that is still a bit on the suspect side/cautiously bullish.

SPY September 1, 2015SPY is holding well enough here in this very sharp/volatile chart.

As long as we hold above 195 on a closing basis the low is in.

So, now we are building this range between 200 and 195 with 197.50 the pivot area to watch the behaviour.

That said, I won’t put up with stocks not working but this chart looks good as we continue to build a base that should see us good to go by November or a bit earlier.

Have a great evening.

Warren

Never Short A Dull Market

**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.**

“Life must be lived as play.” – Plato

A pretty slow day but we did see some nice moves out of GOOGL and NFLX and we locked in some nice options gains there but EYES and BIOC were off hard and showed me losses.

I didn’t really do much at all today but things remain strong and setup for higher.

The more people calling for a crash and lower prices the better.

It is when we have everyone on the same side that I will be worried but that is far away yet.

SPY February 27, 2015SPY was shaky out of the gate but then came back to close the day nice and tight to the past few closes which is great.

Again, never short a dull market and today’s was quite dull for the most part but we are ready for a nice push higher anytime now.

It’s been weak early in the week and strong into the end lately but we may see that change next week.

It’s just a hunch I have.

One more day and it could be a fun one before we get to relax on the weekend.

Warren

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.

Warren

GOOG Notes Jan 31

GOOGGOOG is building a nice tight base here and a move above $760 is the buy point. I’d love to take it if it comes but again, with markets a little ill here smaller position sizes is best in my view.

This is what I said about GOOG last night but I ended up taking a decent sized position, nothing crazy but larger than planned since SPY was holding up so well early on today and still is.

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GOOG In Depth

While this chart may seem a little simplified for many, that’s how I roll.

I could make it much more complex but I find that the less noise, the better I can trade as my mind is clearer and truthfully, keeping charts simple works, so why change it?

GOOG is a leader and fast moving high beta stock that looks set to move higher again soon, but a little consolidation of up to 5 days would be very welcome and very good for the stock.

We could see $680 tested and that could be a nice area to begin a long position from.

It would give GOOG the needed rest, hence power, to move to the next resistance level at $740.

As always appropriate stops are to be used since nothing works every time.

Hope this helps some see what I’m seeing, or clears some things up for some of you.

Until GOOG breaks higher, I have no problem watching it and waiting.

You can really make a huge returns focusing on the daily charts and just trading when proper setups occur.  You DON’T need to trade everyday.

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