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

Another New Breakout

**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 hour of effective, precise, hard, disciplined, and integrated thinking can be worth a month of hard work.” – Kekich Credo #44

Pretty quiet action this week until we got news that the Fed is looking to raise rates sooner than later which increases the likelihood of a raise in June before summer recess.

Stocks like this news and are breaking out now with GOOGL and AMZN in a heated battle to win the race to $1,000.

Many charts are coming around nicely and we should have a lot of new buys emerge over the days and weeks to come.

SPY is back at its old tricks and moving higher.

Amazing action to be sure.

All clear for higher prices now.

Enjoy your evening and have a wonderful long weekend to come.

Warren

The Madness Is Real

**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.**

“Lack of direction, not lack of time, is the problem. We all have twenty-four hour days.”― Zig Ziglar

I’m not seeing too much action this week as markets are stalled out and many charts are not ready to go, even with Nasdaq and S&P charts on the verge of new all-time highs.

It seems like stocks and the markets have their wires crossed.

Half the battle is waiting for the right setups.

SPY looks ready for another go at new highs unbelievably.

I still have a hard time believing last weeks heavy one day of selling was just that, but a move into new highs is proof the madness is real.

Have a great evening.

Warren

Bounces

**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

Some wild action this week to be sure.

It‘s just hard to grasp the fact that we fell so hard on such heavy volume, and then we come back as if nothing has happened.

I’m still skeptical of this bounce, but so far it’s working and I am into a BIDU long for now but it may not last long.

SPY snapped back large but couldn’t hold above the gap area at 238.80 to close out the week.

As long as we stay under said gap area, we should see more weakness but who knows.

I surely didn’t expect such a sharp quick move up from the Wednesday weakness.

Enjoy your weekend.

Warren

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

Muddy Picture Is Clearing 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.**

“To handle yourself, use your head; to handle others, use your heart.”  Eleanor Roosevelt

Stocks are starting to look better now with patterns completing or getting closer to it.

Earnings season is still in full swing and politics continue to make headlines so we should see volatility pickup again after sitting at very low levels the past couple weeks.

While many stocks have been muddy like the Kentucky Derby this year, they are clearing up nicely now.

SPY still looks great so let’s see if it can get going soon.

This handle portion of the cup and handle is starting to get a little long in the tooth, so more prone to failure if it doesn’t breakout soon.

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