Rocking Into Resistance & A Long Weekend

**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.**

“A person who never made a mistake never tried anything new.”  Albert Einstein

Another strong day as we move into the end of the week and a long weekend.

US markets are closed Monday so holding over the long weekend seems a little on the risky side but that will depend on the action tomorrow.

I still have my full 10% weightings each in SPY AMZN ACIA TSLA GOOGL FB GILD and NFLX but I imagine I’ll be reducing to 5% weightings at some point Friday and perhaps locking in all gains.

Time will tell but the action on this bounce has been great so far.

I also bought a little 5% weighting in AG later in the day today.

SPY July 1, 2016Great stuff from SPY as it approaches the 210 resistance area.

I’d love to hold longer but this is just a swing trade unless we blast above 210 on heavy volume.

I’ve got 10% into SPY at 202 and I’m looking at 208.60 or so for stops now.

Enjoy this beautiful summer evening and long weekend wherever you are.

Life really is great.

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

SHAK News After The Close Is Cheating

**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.**

“Don’t wait. The time will never be just right.”  Napoleon Hill

Some stocks did well today while others are resting now after a strong move recently and that is normal.

There are some other clues telling me that we need to consolidate or perhaps correct some as well but there are more and more stocks who are starting to come around and look better now.

I did do a little buying today but also was stopped out of VRX and will be selling SHAK now after a share offering set of news given to us after the close.

It really bothers me to see news like this after the close since it is basically robbing me and is cheating in my books.

Anyhow, the game goes on.

SPY July 21, 2015SPY printed a small Doji bar which means indecision and is often seen near tops or turning points.

That said, we need a lower close tomorrow to confirm this.

Let’s just see if we consolidate or are needing a correction but we should know Tuesday.

There are some heavyweights reporting like AAPL tomorrow and the rest of the week so those numbers could really change the action.

All in all, I’m going about medium size in select stocks and just seeing how things go for now.

Enjoy your evening.

Warren

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.

Warren

One Of Those Days

**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.**

“If you’re going through hell, keep going.” — Winston Churchill

Somedays nothing works and that was today.

We took losses in our 2 small day-trades and that is never fun, but it happens.

Markets and stocks remain tricky and are giving me some grief but that’s why I’m playing small if at all until the new trend emerges.

Don’t forget, there are only a few days and limited spots available for this next round of real-time trading and you can find out more at www.wizzentrading.com

SPY February 6, 2014SPY is at the top end of the range and should roll over but I’m not confident enough to get short and hold overnight.

I’m just not feeling confident in my trading at the moment so I won’t trade much or do so small until confidence returns.

Sometimes knowing yourself and your tendencies and recognizing them is very important.

Anyhow, I won’t be surprised to see a gap lower tomorrow but I am not taking a gamble on it.

Most stocks just still need time to complete bases and patterns.

So, back to the SPY chart.

Many times it takes 3 rimes to break a level and we are trying to break higher here now so if it doesn’t work now then the chances of us moving back to the 198 area and breaking the head and shoulders pattern and taking us to 190 are greatly increased.

TLT is also at an inflection point and it is inversely correlated to the markets.

We should know the next direction Friday, or Monday at the latest.

Have a nice night.

Warren

Reversing Off Range

**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.**

“If you can find a path with no obstacles, it probably doesn’t lead anywhere.” — Frank A. Clark

A relatively quite day until the last half hour when markets and stocks finally began to show some weakness

With the amazing strength we saw early this week some retracement is due and still charts do look for lower over the next couple weeks or so as the next major move.

I’m still playing very small in this market but we did try some PCLN and GOOGL shorts today using options and I was stopped out for about $400 loss on PCLN but we are up nearly $1100 in GOOGL so I sold about half my position and am letting the rest ride overnight.

Trading is always about making more than you lose and everyone loses sometimes.

SPY February 5, 2015SPY is rolling over from the top end of this triangle.

Looks like we should move down to the 200 area now before perhaps a break lower towards 190.

I still have some weekly SPY puts from Monday that are well underwater but they could come back and be profitable shortly.

Still, it embarrassing how I totally ignored my stop levels in the SPY trade after harping on about tight stops.

I’m not perfect unfortunately but it isn’t often this error happens.

Warren

SPY Thoughts September 11

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

Don’t brag about yourself let others praise you. -Proverbs 27:2

Another strong day for the markets although the S&P did stall out at resistance.

I scaled out of my SPY longs here as we may need a couple or few days to digest the recent strong moves.  I’ve also sold a couple stock positions but also added one we’ve been watching for a week or so, YRCW, and it finally broke out today.  And by mean breakout, I mean up over 22% at one point.

We don’t see those types of moves often but I’ll take it!
YY, LVS, MA and others are rocking still and making myself and members quite happy about getting back into the market last week while NFLX broke $300 and was an easy buy today as well.

We’ve got so many winners on right now it’s tough.  I don’t like to have 10 positions on at once since it’s harder to keep track of but what can you do.

Let’s kick it off with the index charts, then move onto the positions I’ve got and any new buy points I see before we wrap it up with a look at gold and silver whom are breaking down as I’d suspected.

SPY September 11, 2013

The SPY ETF hit resistance and stalled.  I took my gains happily.  We may well see a few days of rest here before we continue higher.

If we continue higher now, the next resistance level is $170.