Earnings Kicking In

**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.**

“We may encounter many defeats but we must not be defeated.” – Maya Angelou

And just like the the Nasdaq closed at new highs on the back of NFLX earnings.

We’ve got more heavy hitters on deck so we should see more strength over the next few weeks if all continues as it has.

Buying dips continues to work for now.

Gold and silver have annulled their bearish patterns but are quickly approaching resistance and they remain out of favour and not at all where the easy money is so I’m avoiding them, but still watching.

Solid action from SPY breaking into new highs and now looking to be setting up a bull flag which should push it higher still.

Let it ride!

Have a nice night.

Warren

Netflix, To The Moon

**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.**

“You can’t live a perfect day until you do something for someone who will never be able to repay you.” – John Wooden

Stocks continue to setup bases with not a lot going on.

On the flip side, this evening NFLX has reported great numbers and that may well spark some solid upside as we progress through earnings season.

Things still look great from what I see and I’m heavy into stocks.

SLX is moving to the upside today and that bodes well for my steel stock positions.

Friday, we see Donald Trumps inauguration, and while we may well see some volatility on the event, there will likely be no earth shaking announcement , nor will he be assassinated, which means I’d look to buy any solid dips we may get.

SPY just sits there in the shadows looking sexy and biding her time.

This cougar will soon ounce!

This chart is very positive.

Be sure to access my full portfolio and new buy points I spot!

Warren

More Chop

**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.**

“You don’t have to have great ideas if you hear great ideas.” – Eugene Schwartz

There isn’t much to say as stocks continue to chop around on mixed earnings.

We’re seeing lots of failed breakout moves and some stocks are also nearing key support levels such as ACIA who has filled it’s massive gap from last earnings season.

I’m all cash and in wait and see mode but stocks such as ACIA may well setup for us over the next few weeks and as always, having the patience to wait for proper setups will pay, eventually.

october-31-2016SPY looks to be breaking this large head and shoulders top.

Next support level is 210 if we do break lower.

Have a spooky weekend!

Warren

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SPY Thoughts October 23

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

What we think, or what we know, or what we believe is, in the end, of little consequence. The only consequence is what we do.
—John Ruskin

A wild day that was tough with the early weakness.

Stops were hit in a few while I added and bought some new positions as well.

The early weakness was troubling since it was on heavy volume but in the end markets ended nicely higher along with some stocks.

NFLX ended up tanking hard and I was peeling off more and more as it kept dropping with no sign of a bounce.  It had an amazing run from the breakout last week at $329 and I can’t complain even though I didn’t sell at the top.

Still a great trade that only lasted a few days and now NFLX is back BELOW it’s breakout level.  This is a move you rarely see in stocks.  So violent, but sure is fun to watch.  I’ll talk more about rules and NFLX later when I show the chart.

A lot of times in strong markets we see weaker action in the am and stronger action in the later parts of the day.  That’s what we saw today but the power and swiftness was indicative of a deeper move lower which did not come.

Let’s begin with the index charts.

SPY October 23, 2013

SPY had a great day on solid volume today.  I’ll raise stops once again tonight as this one keeps running.

$174.70 is stops for half with the rest now at $174.15.

Have a super evening and Wednesday.

Warren

SPY Thoughts October 22

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

Watch your thoughts; they become words.
    Watch your words; they become actions.
    Watch your actions; they become habits.
    Watch your habits; they become character.
    Watch your character; it becomes your destiny.
    —Lao-Tze

A solid day for some stocks while markets took a rest day along with most stocks.

This is good action here as it’s blowing off the slightly overbought condition they have.

So many of the buy points I talked about in my Daily Trade Ideas over the weekend are still valid so please review that letter as well and set your own alerts in case I don’t mention them all here today.

We’ve got jobs numbers coming out Tuesday morning in lieu of the government shutdown so we should see some nice action on those numbers.

Let’s check right into the charts today and see how this powerful move is looking so far.

SPY October 22, 2013

A fine day off for the SPY ETF today on low volume.  It’s just taking a breath here by the looks of it and working off it’s slightly overbought condition.

I’ll raise my stops again here a bit to half at just under $174 and leave the rest at $173.30.

SPY still looks to want higher but I’m wanting to raise stops to lock in gains if need be.

Enjoy your evening and Tuesday.

Warren