Back To Channel Surfing

**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 can’t change the direction of the wind, but I can adjust my sails to always reach my destination.” – Jimmy Dean

And just like that strength is back.

I’m still cautious and in a high cash position with a trade or two during the day if I spot them.

I’d like to see some longer period of weakness, not just a couple days, but it’s not up to me.

That said, I am not seeing many new setups yet that interest me for a swing trade, or longer, but that may change later this week.

For the moment, I’m still in summer mode and cautious but watching pretty closely.

SPY ripped hard off the 50 day average and is now back in the channel between 246 and 248.

I can’t really get too excited until we move one way or the other out of this channel.

Have a lovely evening.

Warren

Top Of The 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 Trade Ideas to see the rest of this letter.**

“I think it all comes down to motivation. If you really want to do something, you will work hard for it.” – Edmund Hillary

Some better action today in the bio, pharma and tech sector but action should remain subdued until earnings kicks off in a couple weeks.

Patience pays.

That said, I do have a few positions on and more setups are starting to appear and I do foresee taking some more trades in the near future.

I am away this weekend so no reports.

Whoop, whoop!!

SPY is at the top of its range so let’s see if we can breakout or see more rest as we wait for earnings season to kick off.

Have a great weekend.

Warren Bevan

Last Run Of The Half

**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.**

“Good ideas come from bad ideas, but only if there are enough of them.” – Seth Godin

Summer trading should really pick up next week with a July 4th holiday mid-week taking many many traders away from their desks for the whole week.

Enjoy the short summer while it’s here!

Stocks continue to act fine and today seems to be the start of a run higher into the end of the first half of 2017 by weeks end.

The metals may be turning higher finally, with silver taking the lead but we’re not quite out of the woods yet.

All in all, we continue to see stocks mostly trend higher and continue to act great as the bull market continues.

SPY showed a nice outside bar day and should break higher now into the end of the week.

The sun is shinning and stocks are acting great so let the good times roll.

Have a sun filled evening.

Warren Bevan

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