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

Weak, Happy Endings

**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.**

“You can’t connect the dots looking forward; you can only connect them looking backwards. So you have to trust that the dots will somehow connect in your future. You have to trust in something–your gut, destiny, life, karma, whatever. This approach has never let me down, and it has made all the difference in my life.” –Steve Jobs

We began the week with a nice gap higher to open, but there was no follow-through, just chop.

There was absolutely no trend today until the last hour when stocks began to show weakness, and I’m happy about that.

I remain short and it’s looking good for myself and members.

I remain short ALXN CMG FB NFLX PCLN & TSLA.

SPY April 12, 2016SPY isn’t breaking lower yet but looks close.

A break under 204 may see me grab a short position, but honestly, I’m happy with the shorts I’ve got on for now so I’m not so sure.

All in all, stocks are acting weak and I’m short, trying to take advantage of it.

Have a great night.

Warren