Semi Breakdown

**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.**

“Focus on the journey, not the destination. Joy is found not in finishing an activity but in doing it.” —Greg Anderson

One more reason I’m retiring at the end of this week and month is my love of travel.

I’m heading out for one last bike ride tomorrow for the rest of the week with an old friend I haven’t seen in more than a decade so I’ll knock out this letter and blog tonight, instead of the normal Tuesday, so I can enjoy my evening away and then I’ll have one out on Thursday, for the final time.

Please do follow me on twitter @iTraderz as well as at www.wizzentrading.com where I will still do blogs when I see something special, and I’ll also be more inclusive of individual stocks since my newsletter will be closed and I’ve got nothing to hold back from non-subscribers.

We saw markets show a little weakness today along with the usual market leaders like AMZN FB PCLN GOOGL but you get the point.

That’s why Nasdaq was down so much but many other stocks are holding up and continue to look great, so far.

I remain quite heavy into stocks but am being stopped out or locking in gains as my process unfolds, although I did buy some EGO today with gold taking the turn by the looks of it.

Maybe the outline of a new range, or Darvas box as some would call it.

All good for now.

Enjoy your evening.

Warren Bevan

Turn Of Events

**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.**

“Focus on the journey, not the destination. Joy is found not in finishing an activity but in doing it.” —Greg Anderson

More quiet action for the most part.

AAPL has been weighing down the Nasdaq a bit and had a gap fill and bottom bar Friday so if it does play out and move higher that should help the Nasdaq take a leading role, which would be great.

I also noticed a failed breakdown in BIB so we may get some solid moves in that space as well in the not too distant future.

SPY is holding above all trend-lines and from what I see, just bidding its time before moving higher.

Continued slow action is fine for now but we do need to see a new high late in the week to come or the risk of seeing a correction increases.

Markets and stocks should make new highs every 12 or 13 days in a healthy market.

Have a great weekend.

Warren Bevan

Back To Channel Surfing

**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.**

“I can’t change the direction of the wind, but I can adjust my sails to always reach my destination.” – Jimmy Dean

And just like that strength is back.

I’m still cautious and in a high cash position with a trade or two during the day if I spot them.

I’d like to see some longer period of weakness, not just a couple days, but it’s not up to me.

That said, I am not seeing many new setups yet that interest me for a swing trade, or longer, but that may change later this week.

For the moment, I’m still in summer mode and cautious but watching pretty closely.

SPY ripped hard off the 50 day average and is now back in the channel between 246 and 248.

I can’t really get too excited until we move one way or the other out of this channel.

Have a lovely evening.

Warren

*Correction

**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.**

“One important key to success is self-confidence. An important key to self-confidence is preparation.” – Arthur Ashe

The correction looks to be here and could last a couple months, kind of.

I don’t see this as the end of the bull market by any means.

I think a good 6 to 8 weeks of correction and basing action would be just right for a strong run through the fall and winter.

Time will tell but cash is certainly a great place to be for the most part until we see setups form.

I sold a lot today to lock in some really solid gains over the past month ro so.

SPY broke the uptrend line as well as the 50 day moving average on volume.

242 is the first support level to look for.

No rush.

I’m letting this play out and waiting for perfect buy signals.

I’m away again this weekend so no letters from me.

Have a great weekend.

Warren Bevan

Time To Relax

**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.**

“Finite players play within boundaries; infinite players play with boundaries.” James P. Carse

The stock action remains quiet now in the heart of summer with most moves coming from earnings releases and many are fizzling out quickly making it better to mostly be in cash and enjoy the sun while it shines.

Trading in a market like this often just chops you up taking small losses or small gains one after the other so save the stress on your mind from being wrong and wait for perfect setups which are in the midst of forming.

You really only get a couple or few strong periods in a year so the rest of the time should be spent enjoying life and being ready for the next period of strength.

SPY remains rangebound and quiet.

Not much to see on this chart other than the range which is a great consolidation period which should take us higher but we are due for a 10% correction or so, and that would be best for nice strength through the fall.

Have an awesome weekend.

Warren

Not Much Ado

**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.**

“Routine, in an intelligent man, is a sign of ambition.” 
– W. H. Auden

The dog days of summer are about here with not much going down in terms of stock action other than a few moving on earnings and those not moving particularly well.

Mooch was ousted after only 10 days, unsurprisingly, as Trump continues to only find “the best” talent available…

Other than the political fiasco unfolding I’m not seeing a ton of action to get involved in but

I am into some miners as well as some positions I’ve held for a week or more now.

SPY looks fine but isn’t moving one way or another.

A break under 246.50 would be negative while a move above 248 would be positive.

Family golf outing Thursday so no letter until the weekend.

Enjoy the rest of the week.

Warren

Still Trending

**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.**

“Know what you own, and know why you own it.” – Peter Lynch

We’re still seeing strong action, even in the face of poor GOOGL earnings.

All in all, the strength remains intact but surely we do need to take a rest in the not too distant future so I’m ready to reduce or lock in gains when that signal comes.

Solid action from SPY as it trends nicely higher.

Have a great night.

Warren