Fed News Wednesday

**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.**

“Your life does not get better by chance. It gets better by change.” —Anonymous

I want to remind you that I will be retiring mostly from writing at the end of September and closing down my newsletter business.

I’ll be just a full time trader which is easier than ever to do from the road, or in general, without having the distraction and time devotion needed to write so often.

If you’d like to still follow what I write the odd time please sign up in the right margin at www.wizzentrading.com or follow me on twitter @iTraderz.

September continues to be slow as we await Fed new Wednesday, where we are most likely to see no rate increase but we should see a timeline for their asset reduction to begin.

Fine but slow action from SPY.

We may get some volatility Wednesday afternoon on Fed news but time will tell.

This is normal for action to be quiet for the next month or so, so enjoy time away from the screens if you so choose.

Have a nice night.


SPY Thoughts April 5

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

”In advances as well as declines stock markets are apt to show certain recurring habits.”  Jesse Livermore

Some wild downside Friday which is another reason cash remains best for now other than some quick trades if you can.

There is just no need to worry or stress about things here since it can be very stressful if you try to trade it.

Good setups are forming but this wide and loose action is not what precedes a breakout.

Tight action precedes breakout and it’s coming, just not yet.

Let’s begin with the index charts.

SPY April 5, 2014SPY moved back into its base Friday which was pretty expected since the breakout was not confirmed by the other indexes nor did it have good volume.

A break of $188 would have been the short level and I missed it.

For now there is no buy or sell signal and we have to expect more chop as we build out this base.

It can be fun to catch these types of moves but you really have to be on it and paying attention.

For so long I had so many stocks and was working very hard and doing great.  I was wishing for a break like this and we have ti now.

I’m ready for things to improve now.  I’m well rested and ready but I can’t make things go so I still wait.

Enjoy your weekend.


SPY Thoughts July 24

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

A deadly slow day all in all.  I exited most positions and only have a few left with small exposure.

It looks like the Nasdaq was telling us the correction was near and there is just no point being in stocks unless they are moving, and so far this week they have been very very slow.

I talk often about the importance of identifying times to be in the market and times to be out or just use small positions.

It may be a little early but I do get the feeling that it’s time to be small or out completely now.

We sure had a great run lately and it’s not a time to get greedy.  We may be in for a time to preserve capital, not go heavy in the market.

Just imagine having all this cash when the next good cycle comes and then doing it all over again.  It really doesn’t take many cycles to make you very well off.

I did short a few things today and am holding like NFLX SPY and GOOG but not in huge size.

It may be a little early to get on the short bus here but we could get some great shorts come up soon.

Some of the largest and fastest money I make is on the short side so we could see some nice gains soon enough.

Let’s get into the index charts whom aren’t very exciting at all right now before we go through any I’m still holding and any chances long or short I see but chances are we need a couple or few more days before we can get short in a big way.

SPY July 24, 2013

The SPY is acting tired here as we’re in the dog days of summer now.

I am out of all my longs and have started a short here now.

A break of the channel will see me add to shorts.

I’d like to see a move to test $166 and perhaps even $165.

I’ve been wrong many times before but booking gains I can’t go broke.

I can always get back in if we move away higher but we are due for some consolidation before we get another good buy point.

SPY Thoughts July 23

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

“You must break free of self made limitations & conditioning from your upbringing, if you wish to awaken your potential.”

I really love the saying above.  It’s so true unless you were a rare breed raised in and exceptional household but with the majority of people working for the man, conditioning from a young age tends to gravitate towards just that.

A pretty tame day all in all with a few rising but many who recently broke out just consolidated a bit.

Today really felt like a summer trade finally, but we are drifting higher so we’ve got to ride this uptrend until it’s over and then take some time to relax a bit.

NFLX reported after-hours and has lost about $20 for now.

It was a pretty easy call that NFLX would run into earnings and the news would be sold.  I mentioned that when we first got long at the breakout level around $228 and we checked out late last week since upside was limited in my view.

I think Z was our best winner today and I’ve got lots left from the buy at the $57.50 area but I did peel more off into today’s strength.

We still have many of the same stocks setup to move as I posted here Sunday night so please review that in case I don’t mention them all here tonight and always keep a list of the ones you are most interested in along with the buy point.

Let’s begin with the index charts.

SPY July 23, 2013

SPY is fine and rose a little here today.  We should see a large day higher Tuesday or

Wednesday or else we risk the chance of breaking this steep uptrend channel which will likely signify the start of a correction.

All-time highs is great.

Every single position is profitable and can lead to a very powerful move although I would like to be able to take some time off in August so a correction would be ideal!