No Lovin’

**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 foolish man seeks happiness in the distance, the wise grows it under his feet.”  James Oppenheim

A very quiet day which is good as SPY hangs around the 211 pivot area well and another day or two could see a little more action.

That said, June tends to be weak and I’m really not seeing much power in any moves with the odd exception like NFLX which looks to have put a top in for now.

I’ll be going small to medium in size on trades I do take and stops are quite tight since I am not willing to get chopped up in this market.

SPY June 12, 2015SPY is basing nicely between 211 and 212 and a move above 212 is a buy point, but be weary if the breakout comes on low volume it is most likely to fail.

Last night I said a few days resting here around 211 would be ideal and so far that’s what we’re getting.

Stocks really are getting no loving here in terms of volume so I’ll be keeping it light until I see that change.

Have a great night, Friday and weekend and never forget that trading is mostly a waiting game while good setups form.

Saving your money until the easy money return is key.

Warren

1 More Day, Of Weakness

**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.**

“As soon as you trust yourself, you will know how to live.”  Johann Wolfgang von Goethe

A bit of a slow day as weakness was digested but it still isn’t over yet.

There are some great stocks who are holding up and we’re looking to get into them as soon as I sniff a low.

We’re still quite oversold but not quite where I want to see it, nor are the charts telling me a low is in yet.

SPY March 12, 2015SPY is still trending lower but could use another day of weakness.

Still no sign of a low here yet but it isn’t far off now.

Get your list of stocks who are holding up well ready because they will lead us out of this correction, or let me do it for you!

Have a nice night.

Warren

The End Of QE As We Know It

**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 investor’s chief problem-and even his worst enemy is likely to be himself.” -Peter Lynch.

A bit of a rest day after Tuesday’s nice breakout.

We are still in great shape and dips should be bought as long as SPY remains above the 50 day moving average at 196.44.

Many stocks also took a rest and several biotech and healthcare stocks who’ve been on fire lately are finally resting and will give us new buys points within a week or two.

QE is now done as we know it and markets seem to be fine with that since it was no real surprise.

SPY October 30, 2014SPY is fine here but I am focused on leading stocks, not trading the indexes.

Even with the Fed news today, action was pretty subdued which is rare.

Usually we see large swing up and down before a direction is determined.

I’m not sure what, if anything, to make of it.

Have a wonderful evening.

Warren

Bouncin’ Round The Room

**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.**

“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

We could use a little bounce or consolidation here anytime now as markets are at an oversold condition.

Stocks who’ve held up well so far should lead us higher and I’m holding some of them.

I don’t usually mention what stocks I’m holding since they are reserved for subscribers but

I’ll mention them here tonight in the free section of this blog since I’m feeling generous tonight.

I’ve got some GPRO, AMGN DATA MBLY UTHR and MACK but that list can change at anytime.

SPY September 24, 2014SPY is rolling over well now but could use a few days of consolidation around 198 before moving lower to the next support area at 194.

We shouldn’t get a major correction and leading stocks should hold up pretty well but we look set to get a major buy after a correction which can last another 3 weeks.

There is some money to be made in this coming bounce so be ready!

Enjoy your evening.

Warren

S&P Near Record Highs But Could Use A Few Days 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 Daily Trade Ideas on the right to see the rest of this letter.**

“The policy of being too cautious is the greatest risk of all.”- J. Nehru

A quieter Wednesday as stocks took a bit of a rest after a strong push.

Dips are to be bought since it’s working for now, as we saw when the Fed minutes were released today.

A quick dip was seen as the initial release came, but there was nothing unexpected or new and markets and stocks snapped back very quickly.

Almost all my recent buy points are still valid and should trigger within a few days after a little rest here as we blow off some of the overbought reading we are seeing.

All in all, markets and stocks are acting great!

SPY August 21, 2014SPY is at highs now and could use a little rest but that doesn’t mean it will come for sure.

Nasdaq is still leading and not showing any sign s of a top so all systems remain a go.

Have a great summer evening and enjoy this August strength.
Warren

SPY Thoughts January 27

**These are my thoughts on the SPY ETF in my Daily Trade Ideas which includes many, many more charts and setups**

You miss 100% of the shots you don’t take. –Wayne Gretzky

What a bloodbath Friday was.

Markets fell heavy and hard.

I tried some shorts and some longs with mixed results but losses were very small and the gains outweighed them, but not by a lot.

I had a nice short early in the day and should have held it since we closed on the lows much lower than I’d expected.

Seeing the S&P off more than 30 handles is very rare but we did today and on very heavy volume.

After a year or so straight up, we are now ready for a nice correction that could last a couple months before we begin to turn higher once again.

Let’s check the charts and begin with the break of the megaphone pattern I’ve been showing and talking about for a week or more now.

SPY January 27, 2014

Often when markets gap down 2 days in a row it’s a buy signal.  That was not the case today.

To be honest I didn’t short at the break of the 50 day average which was the short level.

I was too scared.

With markets already off heavy Thursday I just didn’t have it in me to really get short with any conviction considering how strong we’ve been in the last year.

Basically I overthought it and while I didn’t pay the price, I did miss out on some sweet profits opportunities.

Scared money almost always loses and I was scared.  I just didn’t see this drop coming so fiercely so quickly.

I was looking for a week or so of consolidation before we broke this bearish megaphone pattern but it rarely works out exactly how you plan.

We are definitely due for a bounce now and I have a few trades on from late in the day Friday that should take advantage of that if it comes.

I’d like to see the SPY move back up near $181 before I will consider shorting it.

Have a great weekend and use strength to exit positions if you still have any.

Warren

SPY Thoughts October 9

**These were my thoughts on the SPY ETF to subscribers in my Daily Trade Ideas which includes many, many more charts and setups**

An ugly day again and things are not looking great at all for the indexes.

I’m all out of all longs here now and only have a good sized SPY short on but I did cover half of it near the close today as we are right at the 100 day average on the SPY.

Our short level was hit Monday as the SPY broke the 50 day average at $167.50 or so.  A quick $2 in a day is fine by me.

I’ll look to get short again after a little consolidation here most likely.

I’m not considering any longs here tonight unless they are inverse ETF’s or the like.

As I warned last night, taking profits early and raising stops was a good idea as we did with our positions and I cashed out of them all today even before stops were hit.

We are entering a very weak period by the looks of it.

It’s been a great year and if it ended today I’d be happy but we may get some really great chances to short over the next few days and weeks and shorting has often given me the best returns in the shortest amount of time.

Let’s check into the index charts here before looking at some stocks and perhaps even a few that look decent on the short-side.

SPY October 9, 2013

Another very poor day here but great if you got short at our short level!

I’m looking for a move to the $164 area which would be the 50% Fibonacci retracement level, or perhaps quite a bit more, only time will tell but for now we hit the 100 day average at the close on heavy volume which is the 38% Fibonacci level.

I prefer to see a bounce off moving averages in this type of situation but that did not come today.

I had to sell half my short at the close but in case we don’t rest here I held the rest.

I’m looking for a couple or few days rest here before we break lower again towards $164.

I’ll be exiting my short totally Wednesday if we don’t get below the 100 day at $165.46 within an hour into the day, or if we do move under there and then move back above it I’ll also exit and wait a few days to reload my short positions.

I did not see many great shorting chances last night but I expect to see more and more come in within the next few days.

Have a great evening and Wednesday.

Warren