Short & Wild

**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.**

“There will come a time when you believe everything is finished. That will be the beginning.” Louis L’Amour

The week was short, but wild.

We saw tech get hit hard, then rebound, bios and pharma looked great but failed and metals got hammered.

We should get some more clarity next week as traders return from a nice week off.

SPY bounced well off the 50 day average and closed above the 21 day average which is very positive action.

Accordingly, we should continue nicely higher right away, if we move back under the 242 area then chances are we move lower, below 240 to 238.

The Nasdaq still has a head and shoulders pattern but that may be cancelled out shortly if we get another strong day, so let’s wait and see.

Enjoy your weekend.

Warren Bevan

Miners Look To Take The Lead

**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.**

“An investment in knowledge pays the best interest.” – Ben Franklin

Another solid day for stocks.

So many stocks are working well and amongst them, miners are looking set to take the lead.

I’ve got to ride this wave until it stops and there is no telling how long it can last but I’m always watching closely.

This bull market sure is enjoyable and we’ve still got the fun, fun, fun of a blowoff top to come in a couple years.

Fine action from SPY.

We should see one of two things here.

Either a bull flag continues to form, and then we break higher.

Or, we test the 242 breakout area which should be a buy.

We see so often breakout levels tested, which end up being superb, and safe buy levels.

Let’s see how it plays out later this week.

Enjoy your night.

Warren Bevan

Likely More Selling To Come

**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.**

“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

A decent comeback after major weakness Wednesday.

Dips have been bought and this one seems to be no exception, but charts have been hit and may need time.

To me, it looks like markets need more time than one day to refresh before we move higher, so I do expect this dip to not be bought as strongly as we have seen the odd time we see a down day.

SPY came back pretty well but I need to see it move above 238 before I am convinced this very sharp, strong, dip on heavy selling was a one day wonder.

I just can’t see that type of selling lasting only 1 single day.

Time will tell, likely tomorrow, since we move so quickly when we do move.

Enjoy your evening.

Warren

Tides Turning

**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 realized that becoming a master of karate was not about learning 4,000 moves but about doing just a handful of moves 4,000 times.” — Chet Holmes

After a hefty overnight gap we seem to now be on the downturn for markets, at least according to the SPY chart.

QQQ and IWM are strong but have gaps that may well need filling before the next major leg higher.

Earnings season is only going so so, so far, as we see stocks continue to setup new patterns in many cases.

Gold is holding and looking for a move up now with silver looking as it’s marked a low.

Looks to be like we are turning lower off the top end of this range play I’ve been talking about for weeks.

Look for the pivot area at 235 and the low end of the flat base remains at 232.50.

Have a lovely evening.

Warren

Miners, Miners, Miners

**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.**

“The beautiful thing about learning is nobody can take it away from you.” -B.B. King

Weakness seems to be setting in once again with miners & precious metals about the only exception.

That said, we may well rip higher Monday.

Dips have been bought, but the world is in a tumultuous place going into this long weekend so who knows

All I know is gold is strong and jitters are everywhere in stocks.

Cash is a great place to be while markets are acting poorly and that’s where I am with the exception of mining stocks, for as long as they continue higher.

While SPY is at a buy level, if you are playing this range, using tight stops, who knows what will transpire in the world this weekend.

I’d be nervous being long right now but if we hold 232.50 Monday then we should move back to the upper level of the range at 237.50.

Time will tell but we sure do live in interesting times at the moment.

Grab the rest of this letter by subscribing and have a wonderful long weekend.

Warren

Precious Metals Are Popping

**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.**

“Efforts and courage are not enough without purpose and direction.” -John F. Kennedy

Some very sloppy action today with a sprinkle of strength to end the day.

We remain in a range, and will until we don’t.

There are select places to be, right now, gold and silver miners, but there aren’t a lot of stocks trending for the time being.

TSLA is a bit of an exception but it’s very extended and sure to go for a good rest anytime now along with AMZN.

SPY is rangebound.

Not much else to say except quick trades may work, or sectors who are showing strength, such as the metals, but overall there is no trend so cash is mostly my preference.

Have a great evening and see the rest of this letter by subscribing.

Warren

Only Miners Are Winning

**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.**

“Happiness is not in the mere possession of money; it lies in the joy of achievement, in the thrill of creative effort.” – Franklin D. Roosevelt

Stocks broke today after a couple months of choppy action.

We continue to see earnings breakouts fail and poor action almost all around, with the exception of mining stocks who began to perk up Monday and followed-through nicely today.

I bought a few miners Monday afternoon and posted it on twitter @iTraderz and I added one more today, JNUG.

That said, if the action doesn’t work, I’ll be back into an all cash position.

The confusion of the election continues to have traders nervous and unwilling to take many gambles so the perceived safety trade of gold and silver is working.

november-2-2016SPY tested and so far held the big support level at 210 and I did try a 10% weighting for a day-trade in SPY today but it didn’t work out.

I was in at 210.38 and out not long after at 210.10.

We did see some strength into the close but this action is telling me we need to test the 200 day average down near 206 in the next few weeks before we really see bottoms develop.

Of course, I may change my mind on that view if the action changes.

Enjoy your evening.

Warren Bevan

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