Cash Remains Best

**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.**

“Fall seven times. Stand up eight.”  Japanese Proverb

Markets showed weakness today and broke below their recent ranges which were set to push them higher so that means lower we go.

Basically, the summer continues to roll on and chop perfectly as I’ve been talking about for about 6 weeks and I’d love to see this run into the fall.

Enjoy the summer because we should have some major action later on.

SPY August 7, 2015SPY is holding 208 support for now but if that fails then we should test the 200 day average.

Cash remains my position of choice, and sunshine my poison.

Have a great summer evening.

Warren

Just More Chop

**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 person with a new idea is a crank until the idea succeeds.”  Mark Twain

A weak day in the end but support areas are holding and the move up for markets should continue a bit longer.

I’m just not keen on day-trading too much with nice weather around for now and that’s about all we’ve gotten lately with a few exceptions that can last up to 3 days perhaps.

SPY August 4, 2015SPY holding 209 and the 210 area is fine and this is still on track to test 213 but this summer chop is just that.

Unless we see a breakout on heavy volume I’ll remain in cash mostly with the odd trade here and there waiting for the go signal.

Enjoy your summer evening.

Warren

Moving Back To Highs

**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 journey of a thousand miles begins with a single step.”  Lao Tzu

Friday was pretty quiet as we hit the middle of summer, as should be expected.

Earnings season is starting to slowdown so we may see things really slow down in August but only time will tell.

Let’s hope for a nice slow month with lots of sunshine!

August 3, 2015SPY continues its trek to 213 and then we see if we see another move lower but that is the most likely outcome.

I hope you’re having a great weekend.

Warren