Long Only 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 Trade Ideas to see the rest of this letter.**

“Luck is not something you can mention in the presence of self-made men.” – E.B. White

Friday was very quiet as many took the day off to extend the long weekend an extra day.

The S&P and Nasdaq remain in new high territory while the smaller cap Russel is trying to play catchup.

The action is fine, although many charts still need time, but are working well to build solid patterns.

Buying dips remains a working affair, while trying to short is not.

The metals continue to act and look solid with higher prices looking good.

All good for SPY holding well into new high ground.

There is, and has been, only one way to trade this year and that is from the long side and that does not look set to change.

Have a wonderful long weekend.

Warren

Very Mixed Action

**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.**

“Let the first impulse pass. Wait for the second.”  Baltasar Gracian

The FED is meeting and no rate increase is expected but you never know.

Silver has been weak while gold has held up a bit better.

Markets remain strong but on the back of only a few leaders so let’s see how things go over the next few days.

I’m still not really seeing a ton that excites me in this market as bases continue to build out.

SPY is holding fast near the 239 breakout area so it should go higher but I am a bit skeptical with so many charts still needing some time.

Time will tell.

Enjoy your night.

Warren

Ride On

**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.**

“If you want to turn your life around, try thankfulness. It will change your life mightily.” -Gerald Good

Another great week as the bull market is strong, my friends.

We’re starting to see some rotation into the riskier biotech stocks which should mean a pickup in volatility, which would be great if it’s on the upside.

Enjoy the ride!

SPY is attempting to fill the gap which is a fine strategy.

All good as long as we remain above the 237 area on a closing basis.

Have a wonderful weekend and subscribe to see the rest of this letter.

Warren

Biotech Is Back In Play

**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.**

“Courage is going from failure to failure without losing enthusiasm.” -Winston Churchill

Stocks and markets continue to act great as the bull market rages on.

We are certainly due for some rest but not quite yet.

Biotech stocks are really picking up so I’m looking to perhaps switch up a few positions in the not too distant future.

All in all, we remain in a bull market.

SPY may move into the gap and test the 237.50 breakout area but that would be fine, as long as it holds on a closing basis.

Once the rest/correction does come, I will welcome it.

It means the bull market has more to go, as I do believe we’ve got a couple more years to really accelerate higher before we see a big correction or bear market begin.

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Have a lovely evening.

Warren

Bull Flag Setup

**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.**

“For every minute you are angry you lose sixty seconds of happiness.”  Ralph Waldo Emerson

Some wilder action to be sure after slowly grinding higher since October.

I am seeing it as a quick dip buy chance for now but I’m watching closely in case this turn out to be a deeper correction.

The bull market remains intact and should for a couple more years but there will be corrections along the way.

SPY looks fine to me with this bull flag setting up well.

I hope you’re enjoying your weekend.

Warren

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SPY Thoughts October 14

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

“Be who you are and say what you feel, because those who mind don’t matter, and those who matter don’t mind.” Bernard M. Baruch

Another strong day Friday but I still think this is a dangerous market to be too active with news on the debt ceiling long or short-term extension around the corner.

To me it seems like it’s a buy the rumor sell the news event but only time will tell.

I just find it hard to believe that after putting in a nice top and then dropping sharply on heavy volume that the correction is done with.

Who knows though and I really have no opinion other than what I stated above but my conviction can change and really I have no conviction here since I’m mostly cash with only a gold short position on.

Let’s dive into lots of charts this weekend starting with the index charts.

SPY October 14, 2013

SPY had another solid day on the upside but the lack of volume is always something to take note of.

The $170 level would have been a buy point but on such light volume there is no way I’d be long here.

I’d expect a move back under $170 Monday an then we will see if we are going to correct deeper or if we will consolidate for a couple days before we power higher with more conviction.

Enjoy your Thanksgiving id you’re in Canada and your Monday if not.

Warren

SPY Thoughts October 10

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

“Always and never are two words you should always remember never to use.” – Wendell Johnson

We saw markets weaker today early on before they moved higher right on schedule.

Many stocks did the same and it’s perfect action for lower prices in a few days.

We will see a lot of great short opportunities in the days ahead once we see little bear flags built most likely.

There is no telling how long this correction will last but I imagine it will run into mid-November or so but as always things can change quickly so I always review the charts.

Cash IS a position, never forget that.

Let’s dive into the index charts.

SPY October 10, 2013

The SPY ETF bounced after falling under it’s 100 day average early on in the day.

I covered my shorts as we began to reverse higher.

As I talked about Tuesday evening, it’s going to take a few more days before we get great short opportunities again.

That said one short did work out well today after it fell under our short level and I’ll get into that shortly.

Have a great evening and Thursday and have patience and save that cash for when we get  bottom put in, which is not now.

Warren