We Need A Strong Weekly 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 Trade Ideas to see the rest of this letter.**

“I am guaranteed to get where I am going because I refuse to stay where I am.” – Grant Cardone

Some wild swings this week to be sure.

I’ve gone to mostly cash but have a few positions and am ready to be a buyer on a little more strength.

The low isn’t quite set in stone yet but it looks better today than it did yesterday.

A decent close to the week would be ideal.

Gold has been hit as well and moved lower, below support areas for now but the odd miner remains strong regardless.

SPY is now trading in the 242 to 245 range so we can play that until we break one way or another, most likely higher.

Let’s see how things close Friday before I say a low is in for sure or not, although it appears that way.

Enjoy your evening.

Warren

Small High Bases

**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.**

“Patience, persistence and perspiration make an unbeatable combination for success.” – Napoleon Hill

Some choppy action today as we build bases in indexes to move higher from while some stocks just ripped like BABA, which we didn’t have, but SWIR we did.

Gold is looking fine and I’ve got a good chunk of miners for the moment and I am very curious to see if we can get a strong close to the week tomorrow.

All in all, there isn’t a reason to be short much, unless it’s an inverse ETF.

I like the little flat channel or bull flag here.

I don’t see this chart pointing to lower prices in the near future.

Have a great night.

Warren Bevan

Trending 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 Trade Ideas to see the rest of this letter.**

“Every time you are tempted to react in the same old way, ask if you want to be a prisoner of the past or a pioneer of the future.” – Deepak Chopra

Another day, another all-time high.

Stocks continue to act great and are trending higher.

Stocks closed the week on a very strong note which is great to see.

While the daily closes matter more than intraday action, the weekly close is even more important and it was a great close to the week.

Speaking of great weekly closes, gold also closed the week nice and strong.

We’re firing on all cylinders so enjoy it while it lasts.

Lovely action on strong volume into weeks end for SPY.

No stopping this chart yet.

Enjoy your weekend.

Warren Bevan

Leaders Holding Us Up

**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 is one irrefutable law of the universe: We are each responsible for our own life.” ― Oprah Winfrey

Stocks continue to be nothing special in general but a few of the leading stocks continue to perform and hold this market up nicely.

Things look good on the surface but not a lot of stocks have decent charts right now so I remain mostly out of stocks and waiting, but that may soon have to change.

This long cup and handle looks good here but I’m not seeing a ton of great action from as many stocks as I’d like so I’m not so sure we will see a breakout, but I’ve been wrong before.

A breakout above the 240 area on heavy volume would be a confirmed breakout so let’s see if it comes.

Goodnight.

Warren

Just A Little Rest

**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.**

Every great story on the planet happened when someone decided not to give up, but kept going no matter what.” ― Spryte Loriano

A little correction is fine as stocks need to rest.

They cannot sprint or run everyday without burning out so this slow jog, and rest, is great action which will allow this uptrend to continue to be sustainable.

Dip buying looks to still be the strategy to employ.

I, nor anyone has any real idea how long this bull market will last but I see at least 2 more years when I look into past bull markets and their behaviour but I can always be wrong, it’s just staying wrong that stings, so I don’t.

Tonights letter is out before the markets close so the charts are midday.

A nice quick gap fill now has SPY poised to turn back higher.

Low volume on this pullback is telling me it is just that.

Get this letter in full.

Have a great night.

Warren

Rate Increase Doesn’t Phase 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.**

“There is no greater gift you can give or receive than to honor your calling. It’s why you were born. And how you become most truly alive.” – Oprah Winfrey

The Fed raised rates as expected Wednesday by 0.25% and said they will likely do it 3 times in 2017 but time will tell.

If markets continue to hold and move higher as they have been then we will see 3 rate hikes in 2017, if markets don’t remain strong, we won’t.

Stocks continues to act great after a brief dip on the actual rate hike news but that was just a quick chance to buy a few positions on the cheap as we did.

Gold and silver are taking it on the chin hard but gold is very near the $1,120 support level, and usually, moves on Fed news only lasts 2 or 3 days so let’s see shortly if the metals can find some footing.

december-16-2016SPY looks to be building a small wedge which means higher is next and I see no reason in the action anywhere that this will no be the case.

The Santa rally is strong this year.

I hope the season is kicking into gear and all is well, have a great night.

Warren

Stocks Act Super

**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 line between failure and success is so fine that we are often on the line and do not know it. How many times has a man thrown up his hands at a time when a little more effort, a little more patience, would have achieved success? Just a little more effort and what seemed hopeless failure may turn into glorious success.” – Elbert Hubbard

It’s been quite the week with some wild swings in Pharma and bio stocks but they are still setting up nicely, while steel stocks continue to show very nice strength like we haven’t seen in years, but they do need some consolidation shortly.

Silver is trying to take the lead and bring gold higher with it, but so far it’s not succeeding exceedingly well.

Talk of a NFLX takeover continued today with AAPL in the mix with DIS now, while China cut daily ATM withdrawals in half and LVS and WYNN were hit hard and low as a result.

december-9-2016Great action from SPY but we are overbought right now so some consolidation can’t be far off.

Ideally we see SPY setup like the steel stocks did before this weeks newest breakout.

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Have a great Friday and weekend.

Warren