Strong Action, Light Volume

**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.**

“Don’t raise your voice, improve your argument.” –Anonymous

A strong day for stocks that forced me to cover all my short positions for losses.

No fun but sometimes it happens.

SPY March 2, 2016Volume is totally lacking on this move higher and we remain very, very overbought but still,

I had to take a loss in my SPY position as well as my other short positions.

It’s not fun taking losses but it is part of the game and that’s that.

I can’t get long positions here yet and my shorts haven’t worked so I may be in cash for a week or so unless we see some good action one way or another with strong volume.

While losses are part of the game, meaning you’re wrong, it’s not cool to stay wrong, so keeping losses relatively small is key to survival in this trading game.

I had a 15% weighting in my SPY short from 192.05 and covered at 195.90 today which stings a bit but could have been much worse.

Many writers and traders with a forum, such as myself, don’t talk about losses, avoid them.

I talk about losses all the time because they are simply a part of this game.

Have a nice night.

Warren

The Old Disappearing Volume Trick

**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.**

“Speak less than you know; have more than you show.”  William Shakespeare

Not much to deal with today with very low volume and not a lot of movement so it will be a short letter.

When the markets tell me to relax, I relax, and when they tell me to work hard, I work hard.

No need to force trades, especially during the holidays.

SPY December 22, 2015SPY is holding above 200 and volume has totally dropped off now as traders take a couple weeks off for the holidays.

A move under 200 can be shorted but very tight stops at cost are needed since the move may not be sustainable with volume so light.

Have a great, quiet night.

Warren

Can You Handle The Truth?

**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.**

“And in the end it’s not the years in your life that count. It’s the life in your years.”  Abraham Lincoln

And, the truth is, this is not a market, but a casino.

Betting on a gap up or down overnight is not my game so I refuse to participate.

Sure, you can get lucky and win, but you may not.

The only moves we’re really seeing for the last week are large and happen overnight and I won’t play.

Myself and most subscribers are all cash and have missed the good and bad of this very volatile period.

That said, I did get lucky enough to grab a solid SPY short in the last hour and that was good for about 3 points points in about 45 minutes but you’ve got to be there and watching closely to get those quick day-trades and it’s debatably worth it.

SPY August 26, 2015SPY opened with a massive gap higher and was steady most of the day until the last hour when I got short and then it totally tanked.

All I can say is, I’m not holding overnight and I’m not trading unless I see something solid like the last hour swoon today.

Be careful out there and don’t feel like you’re missing something.
It’s much better to miss an opportunity than be missing your capital in this type of market.

Have a great night.

Warren

Much Better Action

**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.**

“Do not follow where the path may lead. Go, instead, where there is no path and leave a trail.”  Ralph Waldo Emerson

A much better day than we’ve seen in weeks but still, many stocks are not really setup to move, that said, I did do some buying today.

I will not be giving stocks much room to work unless markets continue to move higher well so tight stops are key.

SPY June 19, 2015A good breakout for SPY for sure and on decent volume.

We’ve seen these moves tend to not last long and with summer here I have to expect the same so stops are tight and I’m not at all heavy into stocks just yet.

Enjoy your Friday and weekend.

Warren

New Highs But Low Volume

**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.**

“Absorb what is useful, Discard what is not, Add what is uniquely your own.”  Bruce Lee

Stocks are acting great and I remain heavy into stocks but volume in the indexes is nothing special yet, even in the S&P as it breaks into new high ground.

We’ve seen this low volume type of breakout before and sometimes it can work for a time and other times, not at all.

I’m ready to exit stocks quickly if these breakouts fail once again as we’ve seen many times over the past year or more.

One of these days we will get a major breakout on heavy volume but this slow grind higher and chop is helping to build the longer-term weekly and monthly charts well, which will allow our current bull market to run long.

May 20, 2015SPY is into new highs and acting great but lacking volume.

As long as it remains above the 212 area we are fine but it may roll over unless the QQQ and IWM can catch up quickly and then we see all 3 indexes move with strong volume increases.

Time will tell.

Enjoy your evening.

Warren

Confirmed 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 Daily Trade Ideas on the right to see the rest of this letter.**

“Courage is the discovery that you may not win, and trying when you know you can lose.”  Tom Krause

A great day with a capital G.

Stocks broke out en masse after the Fed news and continued strongly along with markets.

Usually we see sharp moves up and down after Fed talk but this time it was just straight up.

I did some more buying and most of our stocks are doing well and just beginning to breakout in most cases.

We did have to book gains in ADXS unfortunately today at the $11.75 level from our buy at $8 a few weeks ago.

Great gains no doubt but I thought we may see more upside with markets and stocks starting to trend higher now.

Anyhow, them’s the breaks.

The metals also really took off hard today after starting to break lower Tuesday but gains on Fed talk don’t usually last too long in the metals so let’s see how that goes.

SPY March 19, 2015SPY is breaking out solidly here on strong volume and I’m taking advantage of it.

How long it will last I don’t know but so far so good and if all goes well this trend will last into May.

If you’ve enjoyed this short intro to my nightly letter then why not subscribe at www.wizzentrading.com

I keep words to a minimum and valuable information to the max.

Enjoy your evening.

Warren

Storms A Brewin’

**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.**

“Do not follow where the path may lead. Go, instead, where there is no path and leave a trail.” — Ralph Waldo Emerson

A pretty quiet day all in all after some large moves last week.

Nothing goes straight up everyday unless it’s the blow-off top which is not yet.

I didn’t do anything today except let my positions run and we should be ready for more upside anytime now.

Now, with this big blizzard hitting I’m not sure how markets will behave.

Likely much lower volume to come can mean stocks can be pushed around with much less cash.

Depending on power outages or whatnot I have no idea what will come tomorrow.

Hopefully power will stay on and the day will be just another day  but the storm does look nasty.

If you don’t hear from me tomorrow, my power is out and my battery backup gone.

SPY January 27, 2015SPY looks super here with a small flag that is ready to breakout higher.

This U pattern is ideal.

Keep it simple with things looking great.

I’d like to see SPY bust a move above the 206.30 area which is a buy point.

Enjoy your evening and stay safe if you’re on the east cost.

Warren