The Thick Of Earnings

**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.**

“Tell me and I forget. Teach me and I remember. Involve me and I learn.” – Benjamin Franklin

No summer doldrums as we move well through earnings.

We’re seeing some super, super moves and more look to be ready to go.

I do love to take more time off during summer but that is always dictated by markets and this year is quite busy.

I do a lot of waiting around for trades and when they come I pounce.

The trend remains up and the bull market intact.

SPY is on the move again out of a small 3 day bull flag.

With some major heavy hitters like AAPL AMZN and GOOGL entering the earnings confessional next week we should see strength continue I imagine.

Hopefully we can take a little time off once earnings season begins to slow down but time will tell.

Enjoy the evening.

Warren Bevan

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

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

Mini Flash Crash

**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.**

“Success is a science; if you have the conditions, you get the result.” – Oscar Wilde

A weak end to the week to be sure but it is likely just a one day flash crash like we saw a month ago.

We will find that out Monday most likely.

Most of the damage was in the high flying Nasdaq while the S&P and Russel indexes held well while the Dow actually rose as the safety trade seemingly picked up.

Banks also did great with rotation into safer asset classes taking place, at least for a day.

The Fed meets this coming week and we are likely to see another rise in rates and then we will be done with those at least until September.

SPY is playing out both scenarios I laid out.

The little bull flag area is holding, on a closing basis, and that’s great.

The other scenario of a quick test and hold of the 242 breakout area was also triggered.

It’s quite bullish to see a test and hold of a breakout area so this leads me to continue to be long biased in my trading and that’s that.

Enjoy your weekend.

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

Mini Dip

**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.**

“Fear is more crippling than the actual consequences.”  Vince Vaughn

A wild start to the trading session today, or a covfefe as they call it in the White House.

Anyhow, by the close stocks were back near unchanged and looking great.

The closing price is always much more important than the open, and noise of the day.

Big institutions do their buying and tape painting into the close.

Gold had a solid day and continues to look higher while platinum and palladium  have been on a tear this week so far, but are nearing some resistance levels.

SPY has a nice little bull flag built which points to higher anytime now.

All good.

Enjoy your evening.

Long Only Market

**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.**

“Luck is not something you can mention in the presence of self-made men.” – E.B. White

Friday was very quiet as many took the day off to extend the long weekend an extra day.

The S&P and Nasdaq remain in new high territory while the smaller cap Russel is trying to play catchup.

The action is fine, although many charts still need time, but are working well to build solid patterns.

Buying dips remains a working affair, while trying to short is not.

The metals continue to act and look solid with higher prices looking good.

All good for SPY holding well into new high ground.

There is, and has been, only one way to trade this year and that is from the long side and that does not look set to change.

Have a wonderful long weekend.

Warren