Chop Chopped The Legs From Under This 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.**

“A dream becomes a goal when action is taken toward its achievement.”  Bo Bennet

We saw lots of chop once again until the weakness took hold in the afternoon but SPY is still holding critical support for now but that may not last long.

I suggested the IWM was leading us lower last night and it has, but it now sits at the 100 day moving average support area and we are approaching oversold territory all of a sudden as well.

I picked up a little BIB late in the day but I’m certainly not ready to get heavy yet, but we can see some great bounce play anytime now.

SPY May 1, 2015SPY is still holding the lower end of this large triangle for now.

206 is the next major support area to watch for if we break below this 50 day average with some force.

Volume is high which tells me there is some conviction behind this move.

Have a great night, Friday and weekend and don’t bother with this junky market for the most part.

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

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.**

“Sometimes adversity is what you need to face in order to become successful.” — Zig Ziglar

A day with leading stocks acting well and markets as well, although on a bit lighter volume than I’d prefer.

It looks like the head and shoulders pattern in the SPY ETF is now cancelled out.

I thought it was cancelled a few weeks back, then it looked to be in place once again but now it looks like it is null and void.

Trading is all about being adaptable and viewing things for how they are, not how you want them to be.

I’ll be buying more and more stocks now as we move forward and in larger position sizes.

It’s a great time to join in with my real-time membership which does include this lengthy nightly full letter and you can find out more at www.wizzentrading.com

Markets are closed Monday and I’m taking off to do a little skiing but I should have my reports out Saturday most likely but perhaps not until Monday evening.

SPY February 13, 2015SPY is moving now and just on the cusp of moving into new highs and we should see some nice increasing volume as we do.

Most of the setups in stocks I’m seeing are from good earnings gaps higher and now they have consolidated and are ready to breakout higher.

Breakaway gaps are very powerful.

Have an awesome long weekend and maybe I’ll run into you somewhere on the slopes, not literally!

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

Finally Stocks Are Acting Right

**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.**

“What the mind of man can conceive and believe, it can achieve.” ~Napoleon Hill

Aaaahhh, it’s so nice to finally see a market and stocks that are working after such a long time with false breakouts and short moves.

Who knows how long it will last but so far so good and the leading stocks are behaving much different and great since NFLX reported good earnings earlier in the week.

When the the getting is good I have to get it.

I am all in and on full margin now.

SPY January 23, 2015A great move in the SPY on increasing volume which is what I like to see.

207.50 should be next and then we see how the action is.

I took some flack last night for calling it go time but the behavior of leading stocks had changed and I noticed that and said so.

It’s not my problem if people cannot see the forest through the trees but I can, and do.

Have a nice night.

Warren

Go Time

**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.**

“It’s not whether you get knocked down, it’s whether you get up.” ~Vince Lombardi

A good day for stocks and markets.

The great NFLX numbers seem to have lit a spark under the leading stocks and that is good.  It looks like it is time to really buckle down and make our hay for the year.

There should be some spectacular moves to come and I’ve not been this heavy into stocks in a while now and I’m looking to get much heavier.

It’s time!

SPY January 22, 2015A good day but on low volume.

We should now see a break of the downtrend line Thursday on very heavy volume and then we are off to the races.

Markets are finally seeming to be ready to get going with the action I’ve seen the last two days which is very different, and positive, than what we’ve seen for about a year now.

Get ready to hang on and get heavy into stocks now.

We only have a couple or few good times a year to make money and it looks like we may be starting one right now.

Warren

The End Of QE As We Know It

**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 investor’s chief problem-and even his worst enemy is likely to be himself.” -Peter Lynch.

A bit of a rest day after Tuesday’s nice breakout.

We are still in great shape and dips should be bought as long as SPY remains above the 50 day moving average at 196.44.

Many stocks also took a rest and several biotech and healthcare stocks who’ve been on fire lately are finally resting and will give us new buys points within a week or two.

QE is now done as we know it and markets seem to be fine with that since it was no real surprise.

SPY October 30, 2014SPY is fine here but I am focused on leading stocks, not trading the indexes.

Even with the Fed news today, action was pretty subdued which is rare.

Usually we see large swing up and down before a direction is determined.

I’m not sure what, if anything, to make of it.

Have a wonderful evening.

Warren