It’s Just A Normal Correction At The Right Time Of Year

**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.**

“You will fall. And when you fall, the winner always gets up, and the loser stays down.” Arnold Schwarzenegger

Some more volatility came into stocks today as summer rolls on.

Miners were strong Wednesday and foretold the gold strength today as often happens and now gold and silver are once again on the verge of a breakout, after being rejected strongly from those levels Monday.

I’m mostly just doing some day trading, and a top pick for that is VRX, since it’s very liquid and moves fast.

I will be establishing a position in VRX once the signal comes, but until then, it’s a fine day-trading vehicle I’ve found.

So, looks like we will see more corrective action which is great, so enjoy the summer!

I’m trying to eek out a couple or few early trades and then take the afternoons off if the weather is sunshiny!

SPY closed definitively below the 50 day average on heavy volume.

I’d enjoy a move down to the gap area at 238 but who knows in this wild and very strong market overall.

In my view, the bull market still has legs, but needs a rest.

Have a great evening.

Warren

Summer Sitting

**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.**

“Some people dream of success, while other people get up every morning and make it happen.” – Wayne Huizenga

The stock action is what you’d expect in August, choppy, with no direction.

A few trades here and there may pop up but mostly cash seems to be best to me still.

VRX was a perfect example of how many earnings releases have been affecting stocks, but in double speed.

VRX ran up hard and then came all the way back by the end of the day.

Chop!

SPY was acting great and broke higher into new highs but then reversed on strong volume.

This tells me we’ve got a correction coming.

Time will tell but I think we should get some deep value in a quick strong move lower.

Have  wonderful evening.

Warren

Poor Stock Action & Trading

**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.**

“A man only learns in two ways, one by reading, and the other by association with smarter people.” – Will Rogers

Quite weak action with a few exceptions today but in the end I had to check out of a couple stocks for larger losses than I’d have liked.

The action since the debate has been poor.

I had to check out of ACIA at 90.15 from my 113.30 entry which really stings and was just a poor, poor trade on my account.

PI was also slammed today and I had to sell out at 27.90 from my 34.85 entry point which is also no fun at all.

I still do have some nice winners which look set to move higher such as REN AMZN CLVS BABA KERX & MOMO but my eyes are peeled and I’m ready to exit those positions quickly if need be.

Let’s get into the charts starting with the SPY ETF.

october-12-2016SPY broke lower out of the triangle unfortunately but it’s holding the important 100 day average for now.

The action isn’t great here and may well be pointing to lower prices so caution is warranted.

Have a nice night.

Warren

Great Action But Volume Is Lacking

**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.**

“In this business if you’re good, you’re right six times out of ten. You’re never going to be right nine times out of ten.”  Peter Lynch

I’m back, exhausted, but back.

The last couple weeks wandering around the back roads of the southeastern US has been wonderful and something I needed badly.

I missed some great moves in stocks  but that’s how it goes.

Now many stocks need rest as they’re up against resistance areas.

I was planning to do some work from the road but internet and cell reception was spotty and I just rode my motorcycle and didn’t think much about work, which was very nice.

SPY June 8, 2016Good action from SPY but on low volume so there is no conviction.

I’m always weary of low volume breakouts so it looks like we may need a bit more rest still.

That said, it we do see a bump up in volume and a move higher I’ll be getting in heavy in a hurry.

Have a great night.

Warren

Volume To Return

 

“Do not let what you cannot do interfere with what you can do.”   John Wooden

We saw markets back off resistance levels as expected to end the year and now we’re set to see traders and volume return and we can really see where we go next.

I won’t rush  things but I’ll try to be more active if we do get some setups once again.

We are starting this new round of Real-Time Trading Monday where you can be alerted via email, text and twitter of any trade I make with stop levels and my weighting and it’s only $100 a month, for 3 months so I strongly encourage you to join at http://wizzentrading.com/?page_id=5614

This may be the best investment you’ve ever made.

SPY January 4, 2016SPY backed off 207.50 well and now we see if this 205 area can hold or if we need to move back to 202.50 support.

It may take a couple days for the returning traders to print something on the chart I’m comfortable taking action on so let’s just wait and see what the next week and year brings.

No need to talk about something when things are not clear.

I hope you’ve enjoyed your holidays and are ready to get back to work once the setups tell us to.

Warren

Weak Open, Strong 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 Daily Trade Ideas on the right to see the rest of this letter.**

“The great thing in this world is not so much where you stand, as in what direction you are moving.” – Oliver Wendell Holmes

On a housekeeping note, we’ve got markets closed Thursday for Thanksgiving and only open Friday for half a day so while I’ll be in the office Wednesday and Friday morning, I’ll not have a letter or blog until the weekend unless something major happens.

It was a tough day news wise with Turkey downing a Russian jet and several more smaller terrorist attacks around the world that make it hard to keep up with, but as long as they aren’t large in scale, not to offend anyone, and markets hold then I can only remain long of stocks.

People are getting a bit numb to these types of events it seems, not that that is a good thing at all, just a reality.

That said, with this being the week of US thanksgiving, we’ve all got to be so thankful for so much and these days, having a safe place to live is right up at the top of that list.

Stocks dipped hard but held key levels so buying the dip is in play.

All good and I remain heavy into stocks and not looking for many more but I did buy some LNKD on the dip today.

SPY November 25, 2015SPY held the 207.50 support level perfectly today as it continues to setup to move past the 210 resistance level before we see how it acts at the 212.50 resistance area before we hit new highs into years end most likely.

All in all, the action remains strong and pointing to higher prices anytime now.

I wish you all a special, safe and wonderful Thanksgiving and I’ll be in touch again on the weekend.

Warren

V Bottom

**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.**

“Either you run the day, or the day runs you.”  Jim Rohn

A pretty quiet day in the markets today as we setup for a break higher now.

Stocks are acting great, at least the ones I’ve got, and more gains look to be not far off.

I did lock in a lot of my BIDU gains today as it backed off the 210 resistance area but I’ve still got a good sized position remaining.

All in all, things look great for higher prices for now.

SPY November 20, 2015Nice stuff from SPY as it has a sharp V bottom that is ready to move to the 212.50 resistance level.

We should breakout towards 212.50 Monday at the latest and then I’ll have to reassess the action at 212.50 and decide to either lock in gains in anticipation of another small correction or if all goes well, we will setup to breakout on very high volume and spark the next major rally in this ongoing bull market.

Enjoy your evening.

Warren