Nearing Resistance And Overbought Readings

**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.**

“Carpe diem! Rejoice while you are alive; enjoy the day; live life to the fullest; make the most of what you have. It is later than you think.”  Horace

My apologies for not getting back on Tuesday as I’d planned.

My quick ride around the Cabot Trail took much longer after my engine blew up but I’m home now and markets and stocks are acting well.

That said, a little consolidation would be great here before we perhaps move higher again.

I’m all cash and catching up to things and reviewing stocks and I’d like to get into a few stocks very soon, once they breakout of bases.

SPY July 17, 2015SPY is near resistance now so I’d be looking to lock in gains here and in most stocks who’ve had a nice run the past few days as we approach an overbought condition.

I’ll be looking to buy some stocks in the days ahead if SPY can consolidate up near 212 but if we begin to roll over then all cash is the place to be until we find support again.

Have a great evening.


Bouncin’ Round The Room

**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.**

“To be a good trader, you need to trade with your eyes open, recognize real trends and turns, and not waste time or energy on regrets and wishful thinking.” – Alexander Elder

We could use a little bounce or consolidation here anytime now as markets are at an oversold condition.

Stocks who’ve held up well so far should lead us higher and I’m holding some of them.

I don’t usually mention what stocks I’m holding since they are reserved for subscribers but

I’ll mention them here tonight in the free section of this blog since I’m feeling generous tonight.

I’ve got some GPRO, AMGN DATA MBLY UTHR and MACK but that list can change at anytime.

SPY September 24, 2014SPY is rolling over well now but could use a few days of consolidation around 198 before moving lower to the next support area at 194.

We shouldn’t get a major correction and leading stocks should hold up pretty well but we look set to get a major buy after a correction which can last another 3 weeks.

There is some money to be made in this coming bounce so be ready!

Enjoy your evening.


On The Verge

**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.**

“Michael Marcus taught me one other thing that is absolutely critical: You have to be willing to make mistakes regularly; there is nothing wrong with it. Michael taught me about making your best judgment, being wrong, making your next best judgment, being wrong, making your third best judgment, and then doubling your money.” – Bruce Kovner, hedge fund manager

It’s not just a Tragically Hip song, markets are on the verge of moving now as well.

A solid day that continues to point to strength.

While we aren’t breaking out higher, we are consolidating very nicely and can’t even get any sort of decent pullback so far.

Instead of the 2 steps forward, one step back moves we see so often, we are seeing 2 steps forward, a nap, and the 2 more steps forward.

SPY September 12, 2014SPY is trying to go here out of this descending channel.

200.40 is a buy point but I am more focused on stocks who move faster so I doubt I’ll take any on the breakout in the SPY ETF.

Enjoy your evening, Friday and the weekend ahead.


Nasdaq Continues To Lead This Strong Move Higher

**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.**

“In bear markets, stocks usually open strong and close weak. In bull markets, they tend to open weak and close strong.” – William J. O’Neill

Great action today as markets continue to move very well as the Nasdaq continues to lead, which is always a good thing, even though it has been some time since we’ve seen it happen.

I continued to buy stocks and am into margin now which is always fun.

When things turn good, it happens quick that I get heavily invested and the opposite is true as well.

I’m holding about 10 stocks now, and they are always reserved for subscribers, which is on the upper end of my comfort zone since I find it hard to really be focused on that many but hopefully I’ll be stopped out of a few positions in the near future to reduce the load.

That said, if all my stocks continue to rise, it’s not the end of the world since there are much worse problems I could have…

Let’s move right into the index charts to begin before we look at all the stocks I have and many more.

When it is quiet, it is quiet but when it is busy, it really takes time and full attention to get the job done.

The window for making money isn’t always that big and we have to take advantage of it while it lasts.

SPY August 20, 2014SPY is continuing nicely higher and straight past 198 as I suggested to subscribers was likely since the Nasdaq shot straight through resistance a few days ago.

Great strong action even if it is on lower volume.

For now, it remains all clear although we are nearing overbought and could see a little rest for a few days shortly.

That would set up new buy points and be a great thing to see.

Enjoy your evening.

SPY Thoughts August 18

**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 think to be in the upper echelon of successful traders requires an innate skill, a gift. It`s just like being a great violinist. But to be a competent trader and make money is a skill you can learn”. – Michael Marcus, Trader

Not a bad Friday until we got more news out of the Ukraine but that didn’t last too long.

We booked some nice GOOGL options gains for more than a double and also bought some NFLX calls for a quick double in an hour as well.

A few of the small stock positions moved below my stops level but I let them ride thinking the news effect would not last long and it didn’t.

We are really seeing a change for the good in stock behavior now and dip buys are working, especially on news like we got Friday.

Let’s move right into the charts and see some great moves and soon to be be moves in stocks.

SPY August 18, 2014SPY swooned hard on the Ukraine news but came back very nicely.

The 196.60 area is posing some resistance but we should soon be attacking 198 once again.

Great action now as we are building out the right side of its base.

Leading stocks are doing what they should, lead.

Have a wonderful summer weekend and thank you very much for reading and your support.


SPY Thoughts May 1

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“The human brain is a wonderful thing. It starts working the moment you are born, and never stops until you stand up to speak in public.”  George Jessel


Not too much going on today even after the Fed said they’d reduce bond buying by another $10 billion, now down to $45 billion.

It won’t take long at this rate to be back to zero.

Markets are trying to breakout but so many stocks just aren’t ready so be very weary of failed breakouts.

We booked some decent gains today and a few small losses.

It remains a very dangerous market and I was not willing to risk giving any back.

Tonight is the last night for the free letters and real-time trades but you can find out how to continue getting them at

Let’s check the charts.

SPY May 1, 2014SPY is trying to breakout here and has decent volume but again, I can’t see how it can really move with stocks lagging so badly but I’ve been wrong many times before.

New closing highs above the $189 level may change that opinion and if strong volume is coming in I’ll be looking for the best stocks I can find who are oversold.

I hope you’ve enjoyed this free trial even though we really didn’t have that much to do or talk about.

Enjoy your evening.


SPY Thoughts April 10

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

”It’s premature to start spending money when we don’t have it.  There are different alternatives, including paying down public debt”  Jim Flaherty.”

First I’d like to send out my condolences to friends, family, colleagues and all of Canada as we learn today of the passing of the great Jim Flaherty, just one month out of his job and so young, only 64.

He was our greatest finance minister to date, just effectively balanced Canada’s budget and he was an all around great man.  The type of man I think we all strive to be.

A nasty, nasty day indeed.

I should have booked some gains late in the day Wednesday as I’d planned but greed took over and I let things ride.

We still did very well for sure but we did give back quite a bit early today before finally getting out after there were just no bounces at all.

Good thing too since we would have given back all our recent quick gains since Monday and more had we held on.

I warned when we took these trades on Monday that this would be only good for 3 to 5 days and it was.

Now a full cash position is the place to be.

Let’s take a look into the index charts before we look at the stocks we did well on this week since they are leading stocks and we can see the plunges that took place today.

Again, CASH is the only place to be until we see another bounce play form or anything else.

I have no idea if we tank further or begin to stabilize but I will know, and let you know, as soon as the price action tells me something.

SPY APRIL 11, 2014

SPY fell hard early and never stopped.  We don’t see such violence that often but it is telling to the market we’re in and why I’ve been in cash for a month or so mostly now, except some quicker trades off key levels.

I tried a long trade off $184 and it started out well but then it failed and I took my small loss.

We should see support next at $182 and if that can’t hold then $180.

Have a nice evening, Friday and weekend and be careful out there.