No Worries

**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.**

“Lack of direction, not lack of time, is the problem. We all have 24-hour days.” – Zig Ziglar

More solid action from stocks and markets with no sign of a correction that I can spot.

Strong closes are important in bull markets and that’s what I continue to see.

Basing and setting up for moves higher is key, and takes time.

We can’t rise every single day and that’s that.

Gold tried to breakout today but moved back below the breakout area which tells me it needs more time.

Often gold does well a couple or few days after Fed speak but then fails.

Nothing wrong with this SPY chart who’s tested and held the breakout level which coincides with the 21 day average.

Looks good to me for more strength shortly.

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Enjoy your evening.

Warren

Rate Increase Doesn’t Phase Stocks

**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.**

“There is no greater gift you can give or receive than to honor your calling. It’s why you were born. And how you become most truly alive.” – Oprah Winfrey

The Fed raised rates as expected Wednesday by 0.25% and said they will likely do it 3 times in 2017 but time will tell.

If markets continue to hold and move higher as they have been then we will see 3 rate hikes in 2017, if markets don’t remain strong, we won’t.

Stocks continues to act great after a brief dip on the actual rate hike news but that was just a quick chance to buy a few positions on the cheap as we did.

Gold and silver are taking it on the chin hard but gold is very near the $1,120 support level, and usually, moves on Fed news only lasts 2 or 3 days so let’s see shortly if the metals can find some footing.

december-16-2016SPY looks to be building a small wedge which means higher is next and I see no reason in the action anywhere that this will no be the case.

The Santa rally is strong this year.

I hope the season is kicking into gear and all is well, have a great night.

Warren

Stocks Act Super

**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 line between failure and success is so fine that we are often on the line and do not know it. How many times has a man thrown up his hands at a time when a little more effort, a little more patience, would have achieved success? Just a little more effort and what seemed hopeless failure may turn into glorious success.” – Elbert Hubbard

It’s been quite the week with some wild swings in Pharma and bio stocks but they are still setting up nicely, while steel stocks continue to show very nice strength like we haven’t seen in years, but they do need some consolidation shortly.

Silver is trying to take the lead and bring gold higher with it, but so far it’s not succeeding exceedingly well.

Talk of a NFLX takeover continued today with AAPL in the mix with DIS now, while China cut daily ATM withdrawals in half and LVS and WYNN were hit hard and low as a result.

december-9-2016Great action from SPY but we are overbought right now so some consolidation can’t be far off.

Ideally we see SPY setup like the steel stocks did before this weeks newest breakout.

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Have a great Friday and weekend.

Warren

Lacking 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.**

“A great trader is like a great athlete. You have to have natural skills, but you have to train yourself how to use them.” Marty Schwartz

Friday was very quiet so there isn’t much to say on any front really.

That said, a few of our mining positions had 3 days with very tight closes which suggests a big move higher coming Monday.

Let’s see if that setup in the charts comes true Monday or not.

MSFT and FB are into new highs which is positive but if those levels don’t hold then it’s just a one day wonder type of move which is negative for stocks in general.

So far this earnings season we’ve seen some leading stocks show one day wonder moves while other are showing good strength which means there is really no general consensus or trend to rely on, yet at least.

october-24-2016Not much to say about SPY really but they do say never short a dull market and this one is quite dull at the moment.

That said, the large head and shoulders topping pattern is something to watch closely.

Enjoy your weekend.

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Fed Flop

**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

Not much to say about the Fed minutes, nor the action in stocks today.

A very quiet day with a hint of weakness which did see me reduce more, but also, I bought some GDX as miners were showing a bit of strength, but I stopped out at cost in the last minute of the day as the ETF faded.

Strength returns in November generally so I’m looking to raise more cash and do some waiting, study and chart-work to be ready for the next round of setups who are sure to form.

october-13-2016SPY continues to hold the 100 day moving average but the action right now is telling me we need some time to form new setups.

Enjoy your evening.

Warren

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Rally Caps

**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.**

“I’ve failed over and over and over again in my life and that is why I succeed.”  Michael Jordan

Friday was nothing to write home about but breakouts still look great and we should now continue to rally through the fall.

I was looking for a weak market into fall but it’s not here, so I adjust and just react instead of sticking to my “prediction”.

That’s why I try not to predict, rather, react to the action.

It is, what it is, as they say, not what you want it to be.

september-26-2016SPY backed away on Friday but let’s see what Monday brings.

This market looks strong and I am quite heavy into stocks already after several buys.

The week ahead looks to be a fun one, enjoy!

Warren

Throw A Dark Market

**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.**

“He who hesitates is poor.”  Mel Brooks

We are now moving nicely higher, but just beginning this move most likely.

This looks to be a throw a dart market which means pretty well all stocks are going to rise and do well.

What I have to do is find the ones who move fastest and act the best for myself and subscribers and so far, so good.

september-23-2016Great stuff from SPY who looks set to move into new highs anytime now and follow the Russel and Nasdaq who are leading.

Enjoy the evening.

Warren