Gap Gap And Away

**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.**

“There are no short cuts to any place worth going.” ~Beverly Sills

A wild day that began with a huge gap open so I could not chase it unfortunately.

On the weekend I called for this correction to end mid to late week and I was right but I didn’t capitalize on it due to the gap opens unfortunately.

I just didn’t see the SPY action that told me to get long during the day, although overnight, I did.

One housekeeping note is my real-time membership is coming to a close next week.

I was not thinking about doing it again with markets kind of junky but more and more I’m considering it since I am seeing more and more stocks setting up even just the last 2 days.

SPY January 9, 2015A sick gap to open the day and I did not think it would hold.

I tried a couple SPY shorts today but lost on both of them quickly.

I can’t fight the tape, but when the S&P is up 20 handles and stalling I consider it and and doubly so up 30 handles but both tries failed today.

I did do some buying on stocks today and we could be ready for a nice run and lots more buying.

Things are really shaping up nicely all of a sudden and that is why I pay attention everyday.

I’ll be doing lots of homework tonight and I suggest the same for anyone serious about making money in the markets.

Warren

False Bottom Girl

**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.**

“Because a thing seems difficult for you, do not think it impossible for anyone to accomplish.”  Marcus Aurelius

A decent day for markets but I am still skeptical of a low being place.

While many people will call a low after the last two days, it is false from my learnings.

Stocks remain very dangerous but can be good for day-trading.

Small sizes and the ability to be very quick and use tight stops is key, otherwise sitting in cash is the thing to do for the moment.

It is earnings season and we always have to be aware of when a company reports and reduce or exit the position before they report but there is not much need to harp on about that yet since cash is king.

SPY October 17, 2014SPY has a 2 day bottom setup, at least that is what many would have you believe.

The proper reversal has to close on lows the first day and then close on highs the next with the bars being equal.

What we have was two closes in the upper half which tells me it’s a trap.

We may form a large range here before moving lower again from what I see tonight but that can change with tomorrows action.

Be very, VERY careful if you must trade or stay in cash.

I went for a splendid drive today on a low cloud warm fall day with leaves in full colour and then a nice walk along the calm bays of the island and just enjoyed life a bit for a few hours mid-day.

When it’s busy, I’m office locked but when markets are junk I try to get out for some exercise and relaxation.

Of course I’m listening to some business podcasts and keeping an eye on the markets and news with my iPhone all the while but getting out of the office is important when we can.

We are so blessed to live in this day and age with phones and internet capabilities so take advantage of it!

Warren

SPY Thoughts October 4

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

”Nothing wins more often than superior preparation. Genius is usually preparation.” Kekich’s Credo

I had a few things that took my attention last night so I am just getting to this update early this morning.

The good news is stops were triggered in some cases and we need to see how markets digest the next few days here with the debt ceiling talk finally catching up to things so there isn’t much new to look for, rather managing existing positions is the focus.

Everything has been so strong in the face of a government shutdown and the debt ceiling and it does shock me that it’s affecting things now.  Nothing has really changed but it is what it is and we have to mind our stops accordingly.

Let’s begin with the index charts.

SPY October 4, 2013

The SPY fell hard before rebounding in the afternoon.

It’s sloppy action and volume was strongest on moves lower.  Not great action at all.

We really need a few days to see where this move is going as we aren’t breaking down yet but a move under the 50 day at $167.51 would not be great and could be shorted.

The QQQ and IWM had been looking great but reversals can and did come quickly so let’s take a look at those index charts.

Have a great Friday and weekend.

Warren

 

SPY Thoughts August 5

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

After waiting in this range for the past couple weeks we broke out higher and wouldn’t you know it, our annual family golf tournament fell on that day, Thursday.

Anyhow, Friday was a nice continuation of the breakout but it was a pretty quiet day really with weekly options expiring.

There were definitely a few standouts from earnings reports or just plain old strength like LNKD BIDU AAPL TSLA Z SINA and others.
SPY August 3, 2013

The SPY ETF launched out of it’s range we’ve been talking about daily for a couple weeks Thursday.
As I said, I was on the golf course all day with lots of family, watching things and wishing I’d been in the office.

Family time is very important and it’s rare so many come together, once a year to be exact.

I’ll get another chance to get into this market but I hope you all got long in a big way as that was the trade to make.

Into all-time highs once again is very bullish and I am not shy about position sizing in those types of conditions.

It’s easy money time as long as we remain above $170 for now.

This rally can easily last into September now.

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.

To get the proper buy points on fast moving leading stocks before they breakout subscribe on the right of this page.

Super Flag

I’m working on our new site and should have everything integrated into it soon enough but for now I’m operating with two sites.  This one for blog posts andmy old one with subscriber information and subscription capabilities.

This a great recent example of what subscribers have been seeing this past week.

I talked about REGN and many other stocks just before they were ready to breakout but REGN was the nicest pattern of all, but certainly not the only one that worked out.

The high tight flag pattern had subscribers buying right at the $177 buy point and they saw a gain of over $10 in a single day.

Now Friday we saw a retracement all the way back to the breakout level where I was buying into the close.

Stops are just below the breakout point.

I’m constantly scanning charts and go over many hundreds of charts each evening looking for these super setups so join today and let me do the hard work!