Nasdaq Shows Its Cup & Handle

**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.**

”Wall Street people learn nothing and forget everything.”  Benjamin Graham

Another choppy day for the most part as stocks perhaps setup for a move higher after some consolidation and same goes for the markets.

The Nasdaq looks exceptional here with a cup and handle so let’s see how that plays out.

We do have some divergence so it’s not a guarantee that w move higher.

I’m seeing strength in the TLT, which is often bad for stocks, while the US dollar has been weak, until a potential reversal today, which is usually good for stocks.

SPY June 10, 2016The SPY ETF is holding but may roll over.

A move above 212.50 is positive while a break below 211 is a negative move.

Stocks are not showing special strength by any means at the moment so I’m not heavy at all having just some AMZN and LNKD but QQQ has a great, positive looking chart, and if it breaks higher I’ll looking to get into stocks in a big way.

Enjoy your evening.

Warren

Rare Pattern In SPY

**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.**

“I believe that the only courage anybody ever needs is the courage to follow your own dreams.” –Oprah Winfrey

I saw some stocks try to move lower today but they aren’t really releasing, nor are markets.

I shorted SPY today with a 10% weighting at 200 and it started to work but then didn’t so

I took a tiny loss, covering my shorts at 200.05.

It’s overdue for a little correction and was worth a shot but it didn’t work so I didn’t stick around and we ended up closing the day with a very powerful and rare pattern now being printed in the SPY ETF.

I have to reserve this pattern for subscribers though, although you can find out more on how to become one at http://wizzentrading.com/?page_id=5614

SPY March 8, 2016As overbought as we remain, we have a beauty rare pattern I’ll mention to subscribers only in the SPY ETF that points to higher right away.

I’ll end the free blog portion here and delve into the rare pattern with members.

Enjoy your evening.

Warren

S&P At Resistance

**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 journey of a thousand miles begins with one step.”  Lao Tzu

A strong day for markets with the S&P gapping up on the open.

Leading stocks are also moving well out of great bases, namely AMZN, but I did not chase the gap.

If these types of breakouts are for real we will have plenty of dip buy areas to get in so I’m looking for those, likely next week once traders return in full.

SPY December 30, 2015A good day for SPY but we’re at 207.50 resistance now so let’s see if we move lower or hug this area and setup for a nice breakout into the new year next week.

Have a wonderful evening.

Warren

Small Santa Rally Without Leading Stocks

**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.**

“Speak less than you know; have more than you show.”  William Shakespeare

Another strong day for SPY but most stocks aren’t doing anything so I’m still in cash waiting until we see some better setups, likely in the new year.

SPY December 24, 2015A nice rally off 200 for SPY this week on light volume.

Looks like 207.50 is resistance and we may trade in the 207.50 to 200 range through the holidays so it should be able to be traded quiet easily, if you so choose.

Leading stocks really aren’t doing much these days so I’m in no rush either.

Have a wonderful weekend and Merry Christmas.

Warren

Stocks Still Pointing To A Deeper 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 Daily Trade Ideas on the right to see the rest of this letter.**

“Until you cross the bridge of your insecurities, you can’t begin to explore your possibilities.”  Tim Fargo

Stocks in general and our short positions opened up nicely lower and were showing great weakness before a nice snap higher which was followed by some more weakness into the close.

Basically, the action is loose and very sloppy which most times leads to further downside, so I remain in my short positions as we look for new lows and a true low.

With nearly 700 new lows and only about 50 new highs that about says all we need to know.

SPY December 9, 2015SPY fell nicely today but is still within this large triangle, but acting sloppy.

I remain short but we do have stops in place.

Santa isn’t showing up yet to this market.

Looks like more downside to me but that view can change quickly if need be.

Markets still look decent but stocks are very sloppy and telling me the indexes will soon move even lower.

That said, I’ve been wrong many times before, but I won’t stay on the wrong side for long.

Enjoy your evening.

Warren

Great Day For Leading Stocks

**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.**

“Courage is the first of human qualities because it is the quality which guarantees all others.” – Winston Churchill

I’m seeing a lot of leaders either breaking out or setting up to do so very soon while some of the smaller more speculative stocks, who move very fast, are putting in very nice bases and giving us initial buy points.

The gist of it is, stocks look great with many having solid lows in and leaders leading and looking for higher.

It’s a recipe for a strong market just in time for a nice Satan Clause rally!

SPY December 2, 2015A solid move for SPY today on nice volume and above 210.

So now we see how it acts between 210 and 215.50 where we have resistance.

We will either consolidate a bit and breakout, or see another correction and a move and close back under 210 would trigger the correction.

By all metrics, we should breakout higher but only time will tell.

Even when everything lines up, it still doesn’t make it 100% reliable.

Have a great night.

Warren

Weak Open, Strong Close

**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 great thing in this world is not so much where you stand, as in what direction you are moving.” – Oliver Wendell Holmes

On a housekeeping note, we’ve got markets closed Thursday for Thanksgiving and only open Friday for half a day so while I’ll be in the office Wednesday and Friday morning, I’ll not have a letter or blog until the weekend unless something major happens.

It was a tough day news wise with Turkey downing a Russian jet and several more smaller terrorist attacks around the world that make it hard to keep up with, but as long as they aren’t large in scale, not to offend anyone, and markets hold then I can only remain long of stocks.

People are getting a bit numb to these types of events it seems, not that that is a good thing at all, just a reality.

That said, with this being the week of US thanksgiving, we’ve all got to be so thankful for so much and these days, having a safe place to live is right up at the top of that list.

Stocks dipped hard but held key levels so buying the dip is in play.

All good and I remain heavy into stocks and not looking for many more but I did buy some LNKD on the dip today.

SPY November 25, 2015SPY held the 207.50 support level perfectly today as it continues to setup to move past the 210 resistance level before we see how it acts at the 212.50 resistance area before we hit new highs into years end most likely.

All in all, the action remains strong and pointing to higher prices anytime now.

I wish you all a special, safe and wonderful Thanksgiving and I’ll be in touch again on the weekend.

Warren